ACCOUNTING 202 NOTES WEEK 1.docx
ACCOUNTING 202 NOTES WEEK 1.docx

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School
University of Illinois
Department
Accountancy
Course
ACCY 202
Professor
Julie Shapland--- Universityof Illinois
Semester
Summer

Description
ACCOUNTING 202: WEEK 1 NOTES 8/26/2013 8:09:00 AM Accounting process: Identification, measurement, communication Accounting Information System:  AIS: a set of interrelated activities, documents, and technologies designed to collect data, process it, and report information to a diverse group of internal and external decision makers in organizations.  INPUT: Raw transaction details (source document)  PROCESS: Use accounting process cycle to adjust and process the raw transaction details (journal entries, calculations, etc.)  OUTPUT: Provision of four basic financial statements, summarized financial information and external decision making (information also relayed to internal decision makers in the output process, usually in more detail) PRIMARY GOAL: allocation of limited resources to the prod
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