name any four characteristic of computer accounting.
Answers
Answer:
The characteristics of computers that have made them so powerful and universally useful are speed, accuracy, diligence, versatility and storage capacity. Let us discuss them briefly. Computers work at an incredible speed. A powerful computer is capable of performing about 3-4 million simple instructions per second.
Answer:
Need for Computerized Accounting:
The need for computerized accounting arises from advantages of speed, accuracy and lower cost of handling the business transactions.
Numerous Transactions:
The computerized accounting system is capable of large number of transactions with speed and accuracy.
Instant Reporting:
It is capable of offering quick and quality reporting because of its speed and accuracy.
Reduction in Paper Work:
Manual accounting system requires large storage space to keep accounting records/books, and vouchers/documents. The requirement of books and stationery and books of accounts along with vouchers and documents is directly dependent on the volume of transactions beyond certain point.
There is a dire need to reduce the paper work and dispense with large volume of books of account. This can be achieved with the help of computerized accounting system.
Flexible Reporting:
The reporting is flexible in computerized accounting system. It is capable of generating reports of any balance as when required and for any duration which is within the accounting period.