Heagy 1

  1. accounting events
    Events that affect an organization's accounting system. Some events will mature into accounting transactions while others may not.
  2. accounting information
    • Information that meets the legitimate needs of external users, communicates among parties transacting business with one another, and provides a basis for
    • informed management decisions. It can be expressed in monetary terms as well as ratios, percentages, or units and includes any data that are either directly or indirectly reflected in the financial statements
    • whether in this or in future periods.
  3. accounting information system
    • A system that delivers accounting information. Its purposes are: to meet an organization's statutory reporting requirements; to provide relevant
    • and accurate accounting information to those who need it and when they need it; to conduct or at least enable most business processes ranging from the recording of sales orders to the reconciliation of bank
    • accounts after liabilities have been paid; and to protect the organization from possible risks stemming from abuse of accounting data or of the system itself.
  4. accounting transaction
    Economic events that affect an organization-s accounting equation.
  5. economic events
    Events of an organization that may not necessarily affect its accounting equation and therefore may never mature into accounting transactions.
  6. electronic data interchange (EDI)
    The transmission of business documents in machine-readable form between two organizations known as "trading partners."
  7. enterprise resource planning (ERP) software
    • Software that groups an organization's accounting function with finance, sales, manufacturing, and human resources into a coherent, integrated system
    • making financial and operational data available to personnel throughout the organization.
  8. event
    A business activity. Business events, or activities, comprise business processes.
  9. event coding
    Coding that is used to uniquely identify events recorded in an accounting information system. An event may be a transaction event, such as a sale, or a nontransaction event, such as the receipt and acceptance of a sales order.
  10. events-based accounting system
    An accounting system that captures not only the debit and credit aspects of transactions but other information about transactions and also captures events other than transactions that are relevant to the operation of the organization.
  11. external auditor
    • An auditor who performs a public service by expressing an opinion about the "fairness" of a client's financial statements. The auditor's opinion gives stockholders, creditors, and others confidence that an
    • organization's financial statements provide a basis for investment decisions.
  12. external reporting
    Reporting by an organization to parties outside of the organization.
  13. Small Business Accounting Software
    • Business Vision 32
    • Microsoft Small Business Manager
    • MYOB
    • Peachtree Complete Accounting
    • Quickbooks Pro
    • Simply Accounting
    • Visionpoint 2000
  14. Mid-Market Accounting Software
    • ACCPAC Advantage Series Corporate Edition
    • ACCPAC Proseries
    • Accountmate
    • Business Vision 32
    • Great Plains
    • MAS 90 & MAS 200
    • Navision
    • Solomon
    • Southware Excellence Series
    • Syspro
  15. Tier 1
    • ACCPAC Advantage Series Enterprise Edition
    • Axapta
    • Epicor
    • Great Plains
    • Lawson Enterprise 400
    • MAS 500
    • Peoplesoft World
    • Oracle Financials
    • Peoplesoft
    • SAP R/3
Card Set
Heagy 1
KCC ACC251B MAS90/200