Flora Wiser is the daughter of the owner of Wiser Florist Company. She recently completed college with a major in biology and has taken the job of assistant manager. Her primary duties involve purchasing inventory from suppliers. Flora has little understanding of accounting, and you have been asked to help her become familiar with the company’s accounting system and how the system processes information.

Required
Write a memo to Flora describing the purpose of an accounting system. Describe each of the basic processes that occur within financial accounting systems and how these processes accomplish the purpose of the system.