Accounting Systems ACCT 326 Help

Question #6 (20 points)

There are several ways to collect and manage your customers’ debt (Billing & A/R). First, describe each of the methods that can be used (note: the techniques to collect & manager the debt are NOT the same). Secondly, describe the advantages of each method. Next, describe the disadvantages to each method.

Question #7 (20 points)

You have been hired by the AICPA to develop guidelines that should be when creating general-ledger accounts in accounting systems. First, describe at least four guidelines that should be in place for designing coding systems to support the creation & maintenance of these accounts. Secondly, describe the problems that can occur when firms do not follow these guidelines.