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Information Systems

areers in Accounting
A Career in Information Systems
Have you ever heard the sayings “knowledge is power” or “information is money”? When people talk about accounting, what they are really talking about is information. The information used by businesses, as well as the technology that supports that information, represents some of the most valuable assets for organizations around the world. Very often, the success of a business depends on effective creation, management, and use of information. As companies become ever more reliant on technology, the need for welleducated Management Information Systems (MIS) auditors and control professionals increases. Improved technology has the potential to dramatically improve
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Usually, they save these work sheets to





Processing Information for Decisions and Establishing Accounting Policy

7. Prepare a classified balance sheet. 8. Analyze and use the financial results—the current ratio.

Objective 1 Summarize the steps in the accounting cycle.

document the end-of-period entries. A work sheet is only an accounting tool and not part of the formal accounting records. Therefore, work sheets may vary in format; some are prepared in pencil so that errors can be corrected easily. Other work sheets are prepared on personal computers with spreadsheet software. Accountants prepare work sheets each time financial statements are needed—monthly, quarterly, or at the end of the accounting year. This chapter illustrates a 12-column work sheet that includes sets of columns for an unadjusted trial balance, adjustments, adjusted trial balance, income statement, statement of retained earnings, and balance sheet. Each set has a debit and a credit column. (See Illustration 4.2 on page 136.) Accountants use these initial steps in preparing the work sheet. The following sections describe the detailed steps for completing the work sheet. 1. 2. 3. 4. Enter the titles and balances of ledger
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