What is meant by computerised Accounting?

Asked by Last Modified  

Follow 1
Answer

Please enter your 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...
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

Related Questions

What is the difference between Bad debts and bad & doubtful debts. What are the legal compliances for the provisions for doubtful debts and bad debts recovered after being written off.
Both are pretty much same.. Bad debts amount to be transferred to P/L a/c (dr side) Baddebts recovered P/L credit side as income Provision on doubtful debts to be deducted from debtors in balance sheet..
Profile Photo
Suneha Sharma
1 0
View Comments7
What will be the effect of change in income on giffin goods and normal goods ?
Giffen goods are a special kind of inferior products in which demand increases when price increases. But in the case of income changes, there's an inverse relationship between market and income. With an...
Profile Photo
Suneha Sharma
0 2
View Comments7
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...
Profile Photo
Madhav
How many types of GST in India
Four types of GST in our India. 1.SGST 2.CGST 3.UGST 4.IGST
Profile Photo
Subhash Chandra
What are the fixed assets? Give example.
as per as 10 fixed asset is an asset which is beingh kept in the business for the purpose producing goods or rendering services i e that asset is not being held for the purpose of sale in the normal course...
Profile Photo
Vishal
0 0
View Comments5

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

Ask a Question

Related Lessons

Easy Explanation of the 10 Most Popular Accounting Principles and Concepts
Dear Students,Every academic subject that you study has a business language and specific jargons of expression.The following popular terms regarding the Accounting principles used in the day to day business...
Profile Photo


Be Exam Oriented while studying for the Exams
Examinations are the ultimate test of the student.Even if one is doing his/her best during school/college days and confidently handling any academic questions until unless he/she scores good marks in Exams/Tests...
Profile Photo

How To Score 90+ in Accountancy Class XII
Hi friends, I am witnessed with the few facts that how your performance gets improved by following activities. 1. Learn all the concepts focus upon learning and applying the concept rather than focusing...
Profile Photo

Why??????
Many times I have seen that students don't understand the basic accounting knowledge. Here I am not talking about the accounting principles or concepts. I am talking about the FUNDAMENTAL knowledge behind...
Profile Photo

Recommended Articles

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 >

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 >

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 >

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 >

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