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Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615

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BuyFindarrow_forward

Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615
Textbook Problem
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Computerized accounting systems

Most computerized accounting systems use electronic forms to record transaction information , such as the invoice form illustrated at the top of Exhibit 7 in this chapter.

  1. a. Identify the key input fields (spaces) in an electronic invoice form.
  2. b. What accounts are posted from an electronic invoice form?
  3. c. Why aren't special journal totals posted to control accounts at the end of the month in an electronic accounting system?

(a)

To determine

Computerized accounting system:

The Computerized accounting system is the system that is used by the business to recording the financial transaction in electronic form. Computerized accounting systems are widely used by large companies, in the present era, this system is used by even smallest companies. Computerized accounting systems have the following three main advantages over the manual system.

  • This system helps to simplify the record-keeping process,
  • Generally, computerized systems are more accurate than the manual system, and
  • It supports the management in the decision-making process.

To identify: The key input fields (spaces) in an electronic invoice form.

Explanation

The key input fields in an electronic invoice form are as follows: (from Exhibit 7)

  • ...

(b)

To determine

To discuss: Which accounts are posted on an electronic invoice.

(c)

To determine

To discuss: Whether special journal totals posted to control accounts at the end of the month in an electronic accounting system.

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