RSM219H1 Chapter Notes - Chapter 3: Accounting Information System, The Ledger, General Journal
20 Sep 2013
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RSM219H1 Full Course Notes
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Accounting information system: the system of collecting and processing transaction data and communicating financial information to decision- makers: some factors that shape these systems are: The type of business and its transactions. The information that management and others need. An accounting information system begins with determining what relevant transaction data should be collected and processed: accounting transaction: occurs when assets, liabilities, or shareholders" equity items change as a result of some economic event. 108-109) oct. 2 sierra corporation paid its office rent for the month of. ** no effect *: oct. 9 sierra purchased advertising materials on account from aero supply. The account is due in 30 days: assets advertising materials: debit (increase) ,500, liabilities accounts payable: credit (increase) ,500, oct. 13 sierra performed ,000 of advertising services for copa ltd. Account: an individual accounting record of increases and decreases in a specific asset, liability, or shareholders" equity item: consists of 3 parts:
