General ledger (GL) master file - It is labeled as the principal file in the GLS database.

General ledger history file- to provide historical financial data for comparative financial reports.

Journal voucher file - It is the total collection of the journal vouchers processed in the current period.

Journal voucher history file - It contains a journal voucher from past periods.

Responsibility center file - It contains the revenues, expenditures, and other resource utilization data for each
responsibility center in the organization.

Financial Reports are the end product of the whole accounting process.

1. Capture the transaction

2. Record in a special journal
3. Post to the subsidiary ledger
4. Post to the general ledger
5. Prepare the unadjusted trial balance
6. Make adjusting entries
7. Journalize and post adjusting entries
8. Prepare the adjusted trial balance
9. Prepare the financial statements
10. Journalize and post the closing entries
11. Prepare the post-closing trial balance
Formalization of tasks - This principle suggests that management should structure the firm around the tasks it
performs rather than around individuals with unique skills

Responsibility and authority - This refers to an individual obligation to achieve the desired results.

Span of control - A manager’s span of control refers to the number of subordinates directly under his/her control.

Management by exception - This principle suggests that managers should limit their attention to potential problem
areas rather than being involved with every activity or decision

Flat file approach is most often associated with socalled legacy systems. The flat-file model describes