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Identify the basic concepts of an accounting information system and describe the nature and purpose of...

Identify the basic concepts of an accounting information system and describe the nature and purpose of a subsidiary ledger.

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Answer #1

The basic concepts of an accounting information system are:-

i. It can be manual or computerised.

ii. It collects and processes data.

iii. It disseminates financial information to the parties.

Subsidiary ledgers are groups of account with common feature

- Accounts receivable (customers) collects transaction data of debtors

- Accounts payable (suppliers) collects transaction data of creditors

Details of subsidiary ledgers are summarized in general ledger control account.

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