From Business Transactions to Financial Statements

These flashcards cover key vocabulary and concepts related to the transition from business transactions to financial statements, as well as the features and functionalities of accounting systems.

Accounting System

A set of accounting processes enabling a business to record and process financial transactions meaningfully.

Financial Statements

Summarized results of financial transactions, including the statement of financial position and statement of profits or loss.

General Ledger

The main module in an accounting system where all accounts are maintained.

Bespoke Accounting Package

Custom accounting software tailored specifically to meet the unique needs of a particular business.

Standing Data

Information that does not change frequently, like customer names and addresses or stock items.

Cloud-Based Accounting System

Accounting software that is accessible online, allowing users to access it from anywhere without being tied to a specific computer.

Accounts Codes

Unique identifiers assigned to customers, suppliers, and expenses to classify and manage transactions in the accounting system.

Comput computerized Accounting System

A modern accounting system that uses software to automate the recording and processing of transactions.

Modules in Accounting Systems

Different sections of accounting software that handle specific functions, such as accounts payable, accounts receivable, inventory management, etc.

Controls in Accounting Systems

Procedures ensuring that data is accurately recorded and processed within the accounting software.