Task Team of FUNdaMENTAL aCCOUNtIng School of Business. Sun Yat-sen University Record the transaction by making entries in the appropriate journal, such as the sales journa purchase journal, cash receipt or disbursement journal, or the general journal Post general journal entries to the ledger accounts The above steps are performed throughout the accounting period as transactions occur or in periodic batch processes. The following steps are performed at the end of the accounting period Prepare the trial balance to make sure that debits equal credits Correct any discrepancies in the trial balance. If the columns are not in balance, look for math errors, posting errors, and recording errors Prepare adjusting entries to record accrued, deferred, and estimated amounts Post adjusting entries to the ledger accounts Prepare the adjusted trial balance Prepare the financial statements Components of an AIs An accounting system is comprised of accounting records and a series of processes and procedures assigned to staff, volunteers, and/or outside professionals. The goals of the accounting system are to ensure that financial data and economic transactions are properly entered into the accounting records and that financial reports necessary for management are prepared accurately and in a timely fashion Traditionally, the accounting system includes the following components Source documents The source document is the original record of a transaction. During an audit, source documents are used as evidence that a particular business transaction occurred. Examples of ource documents include Cash receipts Credit card receipts Cash register tapes elled checks Customer invoices er invoic Purchase orders Time cards Notes for loansTask Team of FUNDAMENTAL ACCOUNTING School of Business, Sun Yat-sen University Record the transaction by making entries in the appropriate journal, such as the sales journal, purchase journal, cash receipt or disbursement journal, or the general journal. Post general journal entries to the ledger accounts. The above steps are performed throughout the accounting period as transactions occur or in periodic batch processes. The following steps are performed at the end of the accounting period: Prepare the trial balance to make sure that debits equal credits. Correct any discrepancies in the trial balance. If the columns are not in balance, look for math errors, posting errors, and recording errors. Prepare adjusting entries to record accrued, deferred, and estimated amounts. Post adjusting entries to the ledger accounts. Prepare the adjusted trial balance. Prepare the financial statements. Components of an AIS An accounting system is comprised of accounting records and a series of processes and procedures assigned to staff, volunteers, and/or outside professionals. The goals of the accounting system are to ensure that financial data and economic transactions are properly entered into the accounting records and that financial reports necessary for management are prepared accurately and in a timely fashion. Traditionally, the accounting system includes the following components: Source documents The source document is the original record of a transaction. During an audit, source documents are used as evidence that a particular business transaction occurred. Examples of source documents include: Cash receipts Credit card receipts Cash register tapes Cancelled checks Customer invoices Supplier invoices Purchase orders Time cards Deposit slips Notes for loans