Question: Explain the difference between a MIS and an AIS. Name the four basic components of an AIS. When special journals are used, where are all

  1. Explain the difference between a MIS and an AIS.
  2. Name the four basic components of an AIS.
  3. When special journals are used, where are all the cash payments by cheque recorded?
  4. How do debits and credits remain equal when credit sales to customers are posted twice (once to the Accounts Receivable controlling account and once to the customers account in the subledger)?
  5. How do we identify the journal from which an amount in a ledger account was posted?
  6. What is the normal recording and posting procedure when using special journals and controlling accounts with subledgers?

Why does a company need a general journal when using special journals for sale, purchases, cash receipts and cash disbursements?

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