Name the four basic components of an AIS.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Name the four basic components of an AIS.
When special journals are used, where are all the cash payments by cheque recorded?
How do debits and credits remain equal when credit sales to customers are posted twice (once to the Accounts Receivable controlling account and once to the customer’s account in the sub-ledger)?
How do we identify the journal from which an amount in a ledger account was posted?
What is the normal recording and posting procedure when using special journals and controlling accounts with sub-ledgers?
7. Why does a company need a general journal when using special journals for sale, purchases, cash receipts, and cash disbursements?

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