Define Computerized Accounting and distinguish between manual and comp

Question

Define Computerized Accounting and distinguish between manual and computerized accounting system.

27 Aug 2021

Answer :

Word Count : 460

A computerised accounting system is an accounting information system that processes the financial transactions and events as per Generally Accepted Accounting Principles (GAAP) to produce reports as per user requirements. Every accounting system, manual or computerised, has two aspects. First, it has to work under a set of well-defined concepts called accounting principles. Another, that there is a user-defined framework for maintenance of records and generation of reports. In a computerised accounting system, the framework of storage and processing of data is called operating environment that consists of hardware as well as _______ ______ __________ ________ ______ __________.
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