Define in own words CHAPTER 5 – Accounting Systems Accounting system Accounts payable subsidiary ledger Accounts receivable subsidiary ledger Cash payments...

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Accounting

Define in own words
CHAPTER 5 – AccountingSystems
Accounting system
Accounts payable subsidiary ledger
Accounts receivable subsidiary ledger
Cash payments journal
Cash receipts journal
Controlling account
e-Commerce
General journal
General ledger
Internal controls
Invoice
Purchases journal
Revenue journal
Special journals
Subsidiary ledger

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1 Accounting system An accounting system is the system used to manage the expenses income and other activities which are related to finance of a business All types of financial transactions are tracked by accounting system It manages the expenses invoices and funding 2Accounts payable subsidiary ledger The subsidiary ledger is an account book that track number of suppliers that the business owes and the expenses of businessThis shows the transaction history of a business and the amount of current and outstanding accounts payable And amount of its suppliers 3Accounts receivable subsidiary ledgerThe ledger shows payment history of each customer and the transaction to whom the business extends credit All sales made on credit by business are recorded in itthis helps the company to track the customer transactions and See Answer

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