Accounting: The Universal Language of Business

​A system designed to collect, document and report on financial transactions affecting the business.

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The Accounting System

​​Manual Accounting System- the accounting information is processed by hand

​​Computerized Accounting System- the financial information is recorded by entering it into a computer

Owners and Investors who risk their money depend on accountants to:

Report the results of operations and the financial condition of the business​.

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Accounting Transaction starts with an Input​

​Accounting Inputs

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​Invoices

Receipts

​Checks

Sales Slips​

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​Invoice is used when order is filled and payment is requested/ billed

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​A receipt is used when payment has been received

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​We all know and receive receipts

all the time

​When money is taken out -withdrawn or deposited-put in to an account or bank- a cash slip is written

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Cash Slip

-Withdrawal or Deposit​

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​Checks are written for payment

Have you seen a check in real life?

Do your parents write checks?​

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Checks

​​Inputs are Processed: ( by the accountant)

Analyzed

Classified

Reported​

​Financial Reports show:

• Financial Condition of Company

• Results of Operations

• Investments ​

Source Documents : The name for the input documentation needed for accounting transactions​

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Multiple Select

Source Documents Include:

• Financial Reports

• Cash Slips

• Sales Receipts

• Invoices

Multiple Choice

This is an example of a/ an________.

• Invoice

• Cash Slip

• Receipt

• Check

Multiple Choice

Boyzzz Corporation completes an order for their customer, Choco Cafe . They ship the order and include a/an ________ requesting payment for the shipment.

• Check

• Invoice

• Cash Slip

• Receipt

Multiple Choice

Choco Cafe receives their shipment from Boyzzz corporation and happily make the payment for the shipment. The manager writes a _________ and sends it to Boyzzz Corp.

• Deposit Slip

• Financial Report

• Check

• Invoice

Multiple Choice

Boyzzz Corp. receives the check and deposits it in their bank account. The accountant then issues a _____________ for Choco Cafe and sends it over.

• Check

• Invoice

• Financial Reports

• Receipt

Multiple Choice

To put money into a bank account is to/ a________.

• Withdrawal

• Deposit

Multiple Choice

To take money out of a bank account is a_________

• Deposit

• Withdrawal

Multiple Choice

Accounting Outputs include:

• Financial Reports

• Checks

• Invoices

• All of the Above