Ch 8 Financial Reporting And Management
Ch 8: Financial Reporting and Management Reporting System
GL master ledger: the principal file in the GLS database. Based on chart of accounts. FRS draws upon GL master to produce the firm’s financial statements
General ledger history file and journal voucher history file- prior period info
Responsibility center file: contains revenues, expenditures, and other resource utilization data for each responsibility center in the organization (used for responsibility reports)
Budget master file: contains budgeted amounts for revenues, expenditures, and other resources for responsibility centers ( responsibility reports)
Sophisticated users: (with homogeneous info needs) users of financial reports understand the conventions and accounting principles that are applied and that the statements have information content that is useful
Financial reporting procedures: capture the transaction, record in special journal, post to subsidiary ledger, post to general ledger, prepare unadjusted trial balance, make adjusting entries, journalize and post adjusting entries, prepare the adjusted trial balance, prepare the financial statements, journalize and post the closing entries, prepare the post closing trial balance
XML: eXtensible Markup Language. XBRL is a derivative of XML. XML is a metalanguage for describing markup language
XBRL: eXtensible Business Reporting Language which is the Internet standard specifically designed for business reporting and information exchange. Facilitates the publication, exchange, and processing of financial and business information
1. XBRL taxonomy: classification schemes that are compliant with XBRL specifications to accomplish a specific information exchange or reporting objective such as filing the SEC. specifies the data to be included in an exchange or report
2. Cross reference each account in the reporting organization’s GL to an appropriate XBRL taxonomy element (tag)
3. Mapping: mapping organization’s internal data to XBRL taxonomy elements.
GL master ledger: the principal file in the GLS database. Based on chart of accounts. FRS draws upon GL master to produce the firm’s financial statements
General ledger history file and journal voucher history file- prior period info
Responsibility center file: contains revenues, expenditures, and other resource utilization data for each responsibility center in the organization (used for responsibility reports)
Budget master file: contains budgeted amounts for revenues, expenditures, and other resources for responsibility centers ( responsibility reports)
Sophisticated users: (with homogeneous info needs) users of financial reports understand the conventions and accounting principles that are applied and that the statements have information content that is useful
Financial reporting procedures: capture the transaction, record in special journal, post to subsidiary ledger, post to general ledger, prepare unadjusted trial balance, make adjusting entries, journalize and post adjusting entries, prepare the adjusted trial balance, prepare the financial statements, journalize and post the closing entries, prepare the post closing trial balance
XML: eXtensible Markup Language. XBRL is a derivative of XML. XML is a metalanguage for describing markup language
XBRL: eXtensible Business Reporting Language which is the Internet standard specifically designed for business reporting and information exchange. Facilitates the publication, exchange, and processing of financial and business information
1. XBRL taxonomy: classification schemes that are compliant with XBRL specifications to accomplish a specific information exchange or reporting objective such as filing the SEC. specifies the data to be included in an exchange or report
2. Cross reference each account in the reporting organization’s GL to an appropriate XBRL taxonomy element (tag)
3. Mapping: mapping organization’s internal data to XBRL taxonomy elements.