Recs Presentation
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The document discusses considerations for designing a robust reconciliation process. It recommends that reconciliations identify and resolve items that do not match rather than just matching items. It also recommends making reconciliations repeatable by using time periods like YTD rather than daily, fixing mismatches to clear them the following day, and assigning responsibility for resolving long-standing breaks. The document also discusses different approaches to building reconciliation tools and some other considerations like data feeds and reporting.
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study objectives
After studying this chapter, you should be able to:
1 Analyze the effect of business transactions on the basic
accounting equation.
2 Explain what an account is and how it helps in the recording
process.
3 Define debits and credits and explain how they are used to
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6 Explain what a ledger is and how it helps in the recording
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chapter
THE ACCOUNTING
INFORMATION SYSTEM
3
100
● Scan Study Objectives
● Read Feature Story
● Scan Preview
● Read Text and Answer
p. 110 p. 116 p. 119 p. 128
● Work Using the Decision Toolkit
● Review Summary of Study Objectives
● Work Comprehensive p. 133
● Answer Self-Test Questions
● Complete Assignments
● Go to WileyPLU S for practice and tutorials
● Read A Look at I FR S p. 159
● the navigator
Do it!
Do it!
✓
c03TheAccountingInformationSystem.qxd 9/2/10 1:38 PM Page 100
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study objectives
After studying this chapter, you should be able to:
1 Analyze the effect of business transactions on the basic
accounting equation.
2 Explain what an account is and how it helps in the recording
process.
3 Define debits and credits and explain how they are used to
record business transactions.
4 Identify the basic steps in the recording process.
5 Explain what a journal is and how it helps in the recording
process.
6 Explain what a ledger is and how it helps in the recording
process.
7 Explain what posting is and how it helps in the recording
process.
8 Explain the purposes of a trial balance.
9 Classify cash activities as operating, investing, or
financing.
chapter
THE ACCOUNTING
INFORMATION SYSTEM
3
100
● Scan Study Objectives
● Read Feature Story
● Scan Preview
● Read Text and Answer
p. 110 p. 116 p. 119 p. 128
● Work Using the Decision Toolkit
● Review Summary of Study Objectives
● Work Comprehensive p. 133
● Answer Self-Test Questions
● Complete Assignments
● Go to WileyPLU S for practice and tutorials
● Read A Look at I FR S p. 159
● the navigator
Do it!
Do it!
✓
c03TheAccountingInformationSystem.qxd 9/2/10 1:38 PM Page 100
101
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• Does your wallet contain so many cash machine
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hazard?
• Is your wallet such a mess that it is often faster to
fish for money in the crack of your car
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your bank account?
• Have you ever been tempted to burn down your
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ceipts and records that you need to fill out your tax
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ment firms in the world. If you had your life savings
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