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Asked by Balendra Last Modified
Answer A computerized accounting system is a system used by businesses for recording their financial information. Many systems are available and companies look for a system to match their needs. Components: A computerized accounting system is made up of a computer or group of computers and an accounting software program. Many different types of systems are available to accommodate any type of business. Transactions: A computerized accounting system is used to record the transactions of a business. Every time a transaction happens, an entry is made into the system. The system records all the information and stores it in the system. Storage: All information that is entered in the system is stored in the system. Most companies perform back-ups to the system regularly to avoid losing any information. Reports: A computerized accounting system is designed to record all information and summarize it in the form of financial statements. At the end of every period, the system generates financial statements that are distributed accordingly.
read lessRelated Questions
What do you mean by principal of conservatism in accountancy?
X has made the following drawings during 2014-15. Calculate interest on drawings @90% .
1.Rs. 4000 withdrawn by X on the first day of every month with effect from 1-5-14 for four month
2. From September 2014 he withdraw RS 6000 pm in the middle for each month till December
3. On 1-2-15 he, withdrew RS 10000
4. On 31-3-15 he withdraw RS 5000.
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