What is meant by computerised Accounting?

Asked by Last Modified  

1 Answer

Learn Accountancy +1

Follow 1
Answer

Please enter your answer

Adventure Tutorials

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...
read more
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 less
Comments
Dislike Bookmark

Related Questions

Define Matrix.
Collection of numbers arranged in rows and columns.
Deepti
What is the difference between amalgamation and absorption?
Amalgamation is the process of two or more companies joining together to form a new one. Think of Maruti India and Suzuki Japan amalgamating to form Maruti Suzuki. Absorption is when one company acquires...
Akash
0 0
5
difference b/w cash & cash eqivalant..
Cash is basically the money that is available with us in liquid form.And cash eqivalent are those items which can be converted into liquid form as and when required like fixed deposit ,they can be converted...
Madhav

What do you mean by principal of conservatism in accountancy?
The conservatism concept is a concept in accounting which refers to the idea that expenses and liabilities should be recognised as soon as possible in a situation where there is uncertainty about the possible...
Akash
What is meant by Capital?
In simple terms any thing bring by the owner of business to start the business activity or for investing
Arati Chaudhari
0 0
8

Now ask question in any of the 1000+ Categories, and get Answers from Tutors and Trainers on UrbanPro.com

Ask a Question

Related Lessons

Definition and Meaning of Trial Balance
A trial balance is a financial statement that lists the balances of a company's general ledger accounts at a specific point in time. It ensures that the total debits equal total credits, helping in the preparation of accurate financial statements.

Subhash Chandra

1 0
0
Introduction To Accounting: Part 2: Book Keeping, Accounting And Accountancy
Book Keeping: Book Keeping is mainly concerned with record keeping or maintenance of books of accounts. The maintenance of books of accounts includes the following four activities: Identifying the...

Nishant Kumar

0 0
0
Generally Accepted Accounting Principles (GAAP)
GAAP is the common set of accounting principles, standards and procedures that organizations use to make accounting transactions and compile their financial statements. GAAP is a combination of: Commonly...

Mujeeb Rehaman

0 0
0
Introduction To Accounting: Part 8: Accounting Concepts
In order to make the accounting language convey the same meaning to all people and to make it more meaningful, most of the accountants have agreed on a number of concepts which are usually followed for...

Nishant Kumar

0 0
0
Fictitious Assets - Class 11/12, Book-Keeping and Accountancy, Basic Accounting Terms
Useful for - NCERT/CBSE, ICSE/ISC, IGCSE/GCSE, State Boards

Rajiv Vadera

0 0
0

Recommended Articles

The Trend of E-learning and it’s Benefits

E-learning is not just about delivering lessons online. It has a much broader scope that goes beyond manual paper or PowerPoint Presentations. To understand the reach of E-learning and how the whole process works in developing the Educational system, we will discuss a few points here. Let us find out how this new learning...

Read full article >

6 Exam Hall Tips To Follow, For Every Good Student

Appearing for exams could be stressful for students. Even though they might have prepared well, they could suffer from anxiety, tension etc. These are not good for their health and mind. However, following a few exam preparation tips can save them from all these and help them to score good marks. Let’s find out all...

Read full article >

Top Benefits of e-Learning

With the current trend of the world going digital, electronic renaissance is a new movement that is welcomed by the new generation as it helps makes the lives of millions of people easier and convenient. Along with this rapidly changing movement and gaining popularity of Internet, e-Learning is a new tool that emerging...

Read full article >

The Rising Problems in Indian Government School

With the mushrooming of international and private schools, it may seem that the education system of India is healthy. In reality, only 29% of children are sent to the private schools, while the remaining head for government or state funded education. So, to check the reality of Indian education system it is better to look...

Read full article >

Find PUC Tuition near you
PUC Tuition in Delhi
PUC Tuition in Bangalore
PUC Tuition in Kolkata
PUC Tuition in Hyderabad
PUC Tuition in Mumbai
PUC Tuition in Chennai
PUC Tuition in Pune
PUC Tuition in Gurgaon
PUC Tuition in Noida
PUC Tuition in Ghaziabad

Looking for Class 11 Tuition ?

Learn from the Best Tutors on UrbanPro

Are you a Tutor or Training Institute?

Join UrbanPro Today to find students near you