Ch 8 - Flowchart practice

School: University of California, Los Angeles - Course: MKT 543 - Subject: Accounting

Flowchart Symbols

"Accounting transactions are identified as either routine or non-routine. Routine transactions are recorded in special journals like sales, purchases, cash receipts, and cash payments journals. Then subsidiary ledgers like accounts payable, accounts receivable, and inventory ledgers are also updated. Non-routine transactions are recorded in the general journal. Special and general journal entries are all posted to the general ledger." An accounts receivable aging report is generated from the a/r customer master file and sent to the a/r manager. Sales order information from the website is used to update the customer records and the inventory records.

The following is a section of a system flowchart for a payroll application: Symbol X could represent A.Unclaimed payroll checks. B.Erroneous time cards. C.An error report. D.Batched time cards.

Fact Pattern: This flowchart depicts the processing of daily cash receipts for Rockmart Manufacturing. Please note that some procedures are not shown in this flowchart. The appropriate description that should be placed in symbol D is A.Attach batch total to report and file. B.Reconcile cash balances. C.Proof report. D.Compare batch total and correct as necessary.