Accounting Information Systems Chapter 6 Definitions

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Asset acquisition

The process of obtaining new assets for a company, which can include purchasing, leasing, or receiving assets through other means.

Asset disposal

The process of selling, discarding, or otherwise removing assets from a company's records.

Asset maintenance

The activities and processes involved in keeping assets in good working condition and ensuring their longevity.

Attendance file

A record that tracks employees' attendance, including their hours worked and any absences.

Depreciation schedule

A timetable that outlines the depreciation expense of an asset over its useful life.

Employee file

A folder or digital record that contains an employee's personal and employment information, including performance evaluations, disciplinary actions, and other relevant documents.

Employee payroll records

Documents that detail the wages, salaries, bonuses, deductions, and net pay of employees.

Fixed assets

Long-term tangible assets that a company uses in its operations and that are not expected to be converted into cash within a year, such as property, plant, and equipment.

Human Resource Management (HRM) system

A software solution that helps manage and automate various HR functions, such as recruitment, payroll, performance management, and employee data.

Job tickets

Documents that track the time and activities performed by employees on specific tasks or projects.

Labor distribution summary

A report that summarizes how labor costs are allocated across different departments, projects, or activities within an organization.

Labor usage file

A record that tracks the allocation and utilization of labor resources within a company.

Paychecks

Documents issued to employees that detail their earnings and deductions for a specific pay period, and provide the net amount to be paid.

Payroll imprest account

A separate bank account used specifically for payroll purposes, ensuring that funds are available to cover employees' wages and related expenses.

Payroll register

A detailed record of all payroll transactions for a specific pay period, including gross pay, deductions, and net pay for each employee.

Personnel action forms

Documents used to record and authorize changes to an employee's status, such as promotions, transfers, or terminations.

Time cards

Records that track the hours worked by employees, typically used for calculating wages and ensuring accurate payroll processing.