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Aue 2602 topic 3 summary
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Summary of 1 pages for the course AUE2602 - Corporate Governance in Accountancy at Unisa (Summary of topic 3)
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The Accounting system- series/collection of tasks and records
- by means of which transactions are processed to create financial records
- major elements of an accounting system:
- people who carry out
- procedures (write out invoice, calculate a price, enter invoices etc)
- paper (order forms, ledgers, lists etc)
Five business cycles of accounting system
Finance and Revenue and
Investment Cycle Receipts cycle
The
Accounting
System
Payroll and
Personnel Cycle Acquisitions and
Payments cycle
Inventory and
Production cycle
Financial Statements
- financial records relate to the business cycles
- financial records are summarized in financial statements
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