Computer accounting

Question 1

computer accounting systems

Answer 1

Saves businesses time and money by automating many accounting processes, including the production of reports for management

Question 2

Computer accounting Programs

Answer 2

Based on the ledger system and integrate a number of different functions- a single entry transaction will change accounting data in a number of different parts of the system

Question 3

Different computer functions (7)

Answer 3

Sales ledger
purchases ledger
nominal (general) ledger
cash and bank payments
inventory control
invoicing
reports

Question 4

Advantages & disadvantages

Answer 4

Advantages: Speed, accuracy, availability of up to date information

Disadvantages: Cost, security implications and possible opposition from employees

Question 5

Computer spreadsheets

Answer 5

often used to carry out individual functions in an accounting system, for example the creation of budgets