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ACC 205 Week 2 DQ Accounting Cycle

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ACC 205 Week 2 DQ
1 Accounng Cycle
Financial statements are a product of the accounng cycle. Think about two dierent companies: a
manufacturing company, and a retail company. Why would dierent companies have dierent
accounng cycles? Would you expect the steps of the accounng cycle to be the same for each
company? Why or why not?
Guided Response:
Review several of your peers’ posts and idenfy what steps of the accounng cycle that you feel are
the most crical. Respond to at least two of your peers and provide recommendaons to extend their
thinking. Challenge your peers by asking a queson that may cause them to reevaluate their posion
on the accounng cycle.
Accounting Cycle

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Accounting Cycle
Financial statements are a product of the accounting cycle. Think about two different
companies, one a manufacturing company, the other a retail company. Why would different
companies have different accounting cycles? Would you expect the steps of the accounting
cycle to be the same for each company? Why or why not?
The Accounting Cycle
Accounting Cycle Description Paper
The payroll processing cycle is very time consuming and tedious when
done manually. Therefore, the ‘Mom and Pop’s Grocery Store’ has
elected to integrate its payroll with a computer software program. With
this implementation the payroll process will be more efficient and
effective. This paper will explain how the payroll processing cycle for
‘Mom and Pop’s Grocery Store’ integrates onto an enterprise-wide
accounting information system. An enterprise-wide accounting
information system “focuses on the business process of the organization
as a whole” (Bagranoff, Simkin, & Stand, 2008, p. 7).

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Business process reengineering (BPR) is a total re-design of processes
used by an organization that are no longer effective or efficient
(Braganoff et al, 2008, p. 163). The ‘Mom and Pops Grocery Store’ will
use BPR to update the old payroll process to the new enterprise-wide
AIS system.
The Accounting Information System (ASI) is a system that is put in place
for a company to maintain its accounting system. The input devices
commonly associated with AIS systems include: “standard personal
computers or workstations running applications; scanning devices for
standardized data entry; electronic communication devices for electronic
data interchange (EDI) and e-commerce” (Business Glossary, p. 1,
2005, 2000, 1995, 1987).
In addition, many financial systems come with Internet settings to allow
computers to connect to the “World Wide Web.” Simple preparation is
accomplished through computer systems from smallest to largest
individual computers to smallest and largest company computers.
However, conceptually, the underlying processing model is still the
"double-entry" accounting system.
The output content may encompass almost any type of financial reports
from budgets, tax reports, to multinational financial statements. This AIS
system will provide the right information to the right people in a timely
manner.
[pic]
(Murphy, Dr. L., 2009)
Integration
The first assignment for the payroll integration is to create a plan of
action. Having a plan of action will help keep the integration under
control and the team leader should review the plan with other team
members to get his or her buy-in to the project (Mind Tools, Ltd., 2009).
Implementation
For the payroll implementation, the source documents needed are
employee master file, W-4, direct deposit information, payroll deductions,
garnishment details (if any), any paid time off balances, 401k balances,
prior taxable wages, Employee Stock Purchase Plan (ESPP), and other

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Anonymous
Had to paraphrase some of the content but overall, really useful material.

Anonymous
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