Connect Access Card for Fundamental Accounting Principles
Connect Access Card for Fundamental Accounting Principles
23rd Edition
ISBN: 9781259693878
Author: John J Wild
Publisher: McGraw-Hill Education
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Chapter 7, Problem 1DQ
To determine

Accounting system: A system which gathers, organizes, summarizes and interprets financial transactions and prepares various financial statements using information technology.

To Determine: Five components of accounting system

Expert Solution & Answer
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Answer to Problem 1DQ

Solutions:

The components of an accounting system are:

1. Source Documents

2. Input devices

3. Information processor

4. Information storage

5. Output Devices

Explanation of Solution

In an accounting system information flows from source document to output devices. The transactions are recorded in in source documents, the system processes the transactions and generates financial reports that can be obtained from output devices.

Conclusion

The components of an accounting system provides cohesive view of how an accounting department works. It also helps in find the errors in the system

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