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manual system is labor-intensive while computer-based system is easy and fast.....
In Manual accounting systems all transactions are recorded and ledgers are maintained by hand in which there is huge chances of errors and ommissions while in computerized accounting system all transfers are managed by computer that's why less or even no chances of errors or ommission.
Accounting conventions are the rules and regulations which are required to be followed by the accountants while they maintain the accounts of transactions of companies. The accounting conventions are followed from many years back and they are changed only if the need arises. Due to the changing ways of businesses and more competitive environment, the accounting conventions can be changed slightly for increasing the efficiency of the accounting practices.
Cash accounting and accrual accounting are two methods of accounting in cash accounting system all expenses and revenues are recorded when actual cash is paid or received while in accrual profit and loss statement, revenues and expenses are recorded when they are actually occurred and timing of receipt and payment of cash is not important.
Perpetual System is that system in which company continuously updates the value of inventory while in periodic system inventory valuation is done only for closing inventory when company done physical inventory calculation.
manual system is labor-intensive while computer-based system is easy and fast.....
Integrated system is one which combines the cost accounting and financial accounting functions in one system of ledger accounts while an interlocking system has a cost ledger for the cost accounting function and a financial ledger for the financial accounting function.
The major difference between management information system and accounting information system is the method of accounting. The latter is performed by software, while the former is the system of how the records are kept.
In Manual accounting systems all transactions are recorded and ledgers are maintained by hand in which there is huge chances of errors and ommissions while in computerized accounting system all transfers are managed by computer that's why less or even no chances of errors or ommission.
Accounting conventions are the rules and regulations which are required to be followed by the accountants while they maintain the accounts of transactions of companies. The accounting conventions are followed from many years back and they are changed only if the need arises. Due to the changing ways of businesses and more competitive environment, the accounting conventions can be changed slightly for increasing the efficiency of the accounting practices.
Bookkeeping means different things to different people. Some view it as the same as accounting while others see it as record keeping.
Cash accounting and accrual accounting are two methods of accounting in cash accounting system all expenses and revenues are recorded when actual cash is paid or received while in accrual profit and loss statement, revenues and expenses are recorded when they are actually occurred and timing of receipt and payment of cash is not important.
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It's unequal; some people do well while others do not
the accounting questions to be asked are to be based on the Accounting Standards along with basics of accounting
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Perpetual System is that system in which company continuously updates the value of inventory while in periodic system inventory valuation is done only for closing inventory when company done physical inventory calculation.