Accounting Cycle Problems
Omnis Mus is an accounting cycle practice set with a variety of different problems. Each problem involves entering transactions and having them posted to a ledger in order to prepare updated financial statements and other reports.
To do an Omnis Mus accounting cycle problem you need:
- the problem - which contains the transactions to be entered.
- the database - which contains the ledger or ledgers to be updated.
Each problem indicates which database is required. Databases can be downloaded at databases.cshtml
The Omnis Mus accounting system contains five journals, three ledgers, and an inventory file, as shown in the figure below.
Omnis Mus System Components (Click to Expand)
- Junior problems use only the general journal and general ledger.
- Senior problems display the five-journal system. Senior problems use the Periodic method of determining the cost of goods sold.
- Advanced Problems also display the five-journal system, but use the Perpetual method of determining the cost of goods sold. The inventory file is displayed and is updated by both the orders form and the purchase form. Advanced problems also display the SQL form, which allows one to process SQL statements against the database.
Systems Components describes the complete five-journal system.