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Accounting: the Accounting Process, Ledgers, and E-Commerce
Steps to the Accounting Process
Step 1. Analyze the needs of the users.
Step 2. Design a system that meets the needs of the users.
Step 3. Implement that system.
Step 4. Always evolve to continue meeting the needs of the users.
Ledgers are a method of tracking transactions and accounts. There are different kinds of ledgers, which includes general, subsidiary, and controlling account.
General ledger. This type of ledger records all transactions.
Subsidiary ledger. This ledger pertains to specific accounts.
Controlling accounts. This is an account within the general ledger, and all subsidiaries must sum to equal the controlling account.
Computers have greatly improved the accounting world. They simplify record keeping with automatic input, they're more accurate, and they support decision making with up to date account balances.
E-commerce is any business transaction that occurs through use of the Internet. It functions to supply chain management, manage customer relationships, and manage the life-cycle of the product being sold.