In an accounting system, there are five main components. Each part has a different job and accomplishes
different step in the financial reporting process. The five components are source documents, input devices,
information processors, information storage, and output devices. During this Module, we focused on sales and
cash receipts. Sales represent the exchange of products or services for money. If paid now, this becomes a
cash receipt. If paid later, this becomes an accounts receivable.
For this assignment, you will create a simple accounting system for an organization who needs to track the
sales and cash receipts for the company. For the deliverable, you will create a flowchart that includes the five
components of the accounting system and how they are all connected. In addition, you will create a second
flowchart to show the steps that are necessary to post and record accounts receivables transactions and cash
receipts transactions in an accounting software system.