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Accounting Information Systems

11th Edition
Ulric J. Gelinas + 3 others
ISBN: 9781337552127

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BuyFindarrow_forward

Accounting Information Systems

11th Edition
Ulric J. Gelinas + 3 others
ISBN: 9781337552127
Textbook Problem

Design a chart of accounts for an international distribution company’s income statement. Include flexibility to allow reports by country, division, and type of sale (wholesale and retail). You do not need to provide a complete chart, but include a minimum sales and cost of sales. Identify each digit or segment of the account numbers.

Summary Introduction

To design: A chart of accounts for an international distribution company’s income statement.

Introduction:

General ledger/business reporting process (GL/BR):

General ledger can be defined as the central data repository needed to develop the business reports. The business reports and other forms of information generation are all derived from the general ledger data repository. The GL/BR process is considered as a central activity of the accounting information systems.

Explanation

A chart of accounts for an international distribution company’s income statement:

Sales account:

7812300

7 – stands for the revenue.

8 – stands for the sales.

1 – stands for the wholesale.

2 – stands for the country.

3 – stands for the division.

00 – can be used for the other categories that might be needed for the analysis...

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