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 explain: If computerized accounting system use controlling accounts to verify the accuracy of the subsidiary accounts.
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Chapter 5 Solutions
Bundle: Accounting, Chapters 1-13, 26th + Working Papers, Chapters 1-17 For Warren/reeve/duchac's Accounting, 26th And Financial Accounting, 14th + ... For Warren/reeve/duchac's Accounting, 26th
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- Which of the following is often called a compensating control?a. transaction authorizationb. supervisionc. accounting recordsd. independent verificationarrow_forwardControls that enhance the accuracy and reliability of the accounting records are automated controls. external controls. physical controls. none of these answer choices are correct.arrow_forwardHow could a computerized system’s transaction audit trail in an advancedsystem differ from one in a simple system or a manual system?arrow_forward
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- Financial AccountingAccountingISBN:9781305088436Author:Carl Warren, Jim Reeve, Jonathan DuchacPublisher:Cengage LearningAccounting (Text Only)AccountingISBN:9781285743615Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage LearningIntermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage Learning
- Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College Pub
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