Problem Solving Survival Guide to accompany Financial Accounting, 8th Edition

OVERVIEW

As transactions increase in number, so do the recordings and postings required to account for business activities. To deal with the large quantity of transactions, the accountant employs (1) special journals to efficiently organize and expedite the recording and posting process for transactions which occur frequently and (2) subsidiary ledgers to free the general ledger of details. A business may have a computerized accounting system or it may rely on a manual system. The steps in the accounting cycle remain the same whether or not the system is automated.