COMPUTERIZED ACCOUNTING:-SHIRT QUESTIONS AND ANSWERS

 COMPUTERIZED ACCOUNTING:-SHORT QUESTIONS AND ANSWERS

1-What is Computerised accounting and its features?

ANSWER-

Computerised accounting system is a software that helps businesses to manage the big financial transactions, data, reports, and statements with high efficiency, speed, and better accuracy.

2-What are the advantages of computerized accounting?

ANSWER-

Reduce the time spent on manual processes

Less errors and increased accuracy

Real-time financial information

Automated invoices, credit notes and receipts

Innovative financial technology

Save money on resources

Faster record-keeping leads to more business.

3-What are the types of computer computerized accounting system?

ANSWER-

Different Types of Computerized Accounting System

1-Ready-to-Use Computerized Accounting System. If you are a small-scale business owner who is looking for a budget-friendly accounting system, then this is your ideal type

2-Commercial Computerized Accounting System

3-Customized/ Tailored Computerized Accounting System.

4-What is computerized accounting process?

ANSWER-

Computerized accounting is a software-based budgeting and accounting system for the management of spending, payment processing, budgeting and reporting. It computerizes and automates key aspects of budgeting and accounting and combines them into a unified database and user interface.

5-What are the advantages and disadvantages of computerized accounting?

ANSWER-

Advantages Computerized Accounting-

1-Simplicity

2-Reliability

3-Cost-Effectiveness

4-Ability to Collaborate

Disadvantage:-

1- Potential Fraud

2- Technical Issues

3- Incorrect Information

6-What are the limitations of computerized accounting?

ANSWER-

Limitations of Computerised Accounting System

(i) Heavy cost of installation

(ii) Cost of training

(iii) Fear of unemployment

(iv) Disruption of work

(v) System failure

(vi) Time consuming

(vii) Unanticipated errors not known.

7-What are the uses of computer in accounting?

ANSWER-

A computer helps accountants store and access financial records, make changes and alleviate the need to keep paper files. If paper work is needed, computer files can easily be accessed and printed along with any changes the accountant makes at any given time.

8-What is computerized accounting example?

ANSWER-

Examples of accounting software packages designed for small businesses include QuickBooks, Sage (or Peachtree), and Bookkeeper. Depending upon which version of these programs you buy, you'll be able to set up income and expense accounts, track vendor billing, and manage payroll.

9-What is difference between manual and computerized accounting?

ANSWER-

Manual Accounting is a system of accounting that uses physical registers and account books, for keeping financial records. Computerized Accounting is an accounting system that uses an accounting software, for recording financial transactions electronically.

10-What are the key components of computerized accounting system?

ANSWER-

The components of Computerised Accounting System are : (a) Data, Report, Ledger, Hardware, Software; (b) Data, People, Procedure, Hardware, Software; (c) People, Procedure, Ledger, Data, Chart of Accounts; (d) Data, Coding, Procedure, Rules, Output.

11-What are the requirements of computerized accounting?

ANSWER-

Every computerised accounting system has two basic requirements: 1) Accounting Framework: It consists a set of principles, coding and grouping structure of accounting. 2) Operating Procedure: It is a well-defined operating procedure blended suitably with the operating environment of the organisation.

12-What are the different types of accounts?

ANSWER-

Different Types of Bank Accounts

Current account. A current account is a deposit account for traders, business owners, and entrepreneurs, who need to make and receive payments more often than others. ... 

Savings account. ... 

Salary account. ... 

Fixed deposit account. ... 

Recurring deposit account. ... 

NRI accounts.

13-What are the 3 rules of accounting?

ANSWER-

Take a look at the three main rules of accounting: -

1-Debit the receiver and credit the giver.

2-Debit what comes in and credit what goes out

3-Debit expenses and losses, credit income and gains.

14-What are the 3 types of accounting?

ANSWER-

A business must use three separate types of accounting to track its income and expenses most efficiently. These include cost, managerial, and financial accounting, each of which we explore below.

15-What are the 3 books of accounts?

ANSWER-

WHAT ARE THE KINDS OF BOOKS OF ACCOUNTS?

General Journal. This is called the book of original entry because this is the first book where the business transaction are recorded. Journalizing is the process of recording in the journal.

General Ledger. This is called the book of final entry.

Trial Balance

16-What is Golden Rule in account?

ANSWER-

The journal entries are passed on the basis of the Golden Rules of accounting. To apply these rules one must first ascertain the type of account and then apply these rules. Debit what comes in, Credit what goes out. Debit the receiver, Credit the giver. Debit all expenses Credit all income.

17-What is computerized accounting software?

ANSWER-

Computerized accounting systems are software programs that are stored on a company's computer, network server, or remotely accessed via the Internet. Computerized accounting systems allow you to set up income and expense accounts, such as rental or sales income, salaries, advertising expenses, and material costs.

18-What is the most commonly used accounting software?

ANSWER-

We've listed below 5 of the most used Accounting software by companies today:-

1-QuickBooks Accounting

2-Xero Accounting

3-FreshBooks Cloud Accounting

4-Wave Accounting

5-Sage 50 Accounting.

19-What are the features of computerized accounting software?

ANSWER-

Computerized Accounting System: Features, Advantages and Other Details

1-Numerous Transactions: The computerized accounting system is capable of large number of transactions with speed and accuracy.

2-Instant Reporting: 

3-Reduction in Paper Work: 

4-Flexible Reporting:

5-Accounting Queries:

6-Online Facility:

7-Security:

8-Scalability:

20-What is the importance of computerized accounting?

ANSWER-

A Computerised Accounting System is better than a Manual Accounting System because it provides faster data entry, quicker data processing, and a much faster generation of the reports needed for the analysis of the overall account of the enterprise. It can automate the process of collating all the bills in no time.

21-What type of software is tally?

accounting software

ANSWER-

Tally. ERP 9 is one of the most popular accounting software used in India. It is complete enterprise software for small & medium enterprises.

22-Is Microsoft Excel an accounting software?

ANSWER-

Excel continues to be one of the most popular accounting tools used by small-business finance managers. Smaller businesses tend to have and use less financial data when compared with enterprises, and Excel allows such businesses to focus on basic accounting tasks, such as budget planning and forecasting.

23-What is ERP full form?

ANSWER-

Enterprise resource planning

Enterprise resource planning / Full name

Image of What is ERP full form?

Enterprise resource planning (ERP) refers to a type of software that organizations use to manage day-to-day business activities such as accounting, procurement, project management, risk management and compliance, and supply chain operations.

24-Where is Tally used?

ANSWER-

Tally is an popular accounting software which is being used in all small and large organizations. basically this software involves in working of maintaining a record of payroll management, sales ,inventory,purchase,point of sales job costing and so features are available here for the organizations.

25-What are the advantages of Tally?

ANSWER-

The features of Tally are as follows: Tally is largely considered the best because it is easy to use, has no codes, robust and powerful, executes in real-time, operates at high speed, and has full-proof online help. Tally is also called multi-lingual tally software because Tally ERP 9 supports multi-languages.

26-Which is better QuickBooks or Excel?

ANSWER-

While Excel requires you to tailor and test your spreadsheets with the right formula, QuickBooks is already built for all your desired accounting purposes. Your business will benefit from income statements, invoice templates, balance sheet templates and more, leaving you more time to focus on other business goals.

27-What is the difference between Excel and accounting software?

ANSWER-

Excel formulas are complex and prone to error. Accounting software handles all the calculations for you, and does it properly. Excel spreadsheets are susceptible to fraud because it's easy to change information and hard to keep track of who's making the changes, whereas accounting software maintains an audit trail.

28-Is spreadsheet an accounting software?

ANSWER-

Originally developed as an aid for accounting and bookkeeping tasks, spreadsheets are now widely used in other contexts where tabular lists can be used, modified and collaborated. Spreadsheet software is also known as a spreadsheet program or spreadsheet application.

29-How many types of Tally software are there?

ANSWER-

2 types

There are only 2 types of Tally software. One is Tally. ERP 9 Single user (Silver) and the other is Tally multi-user (Tally Gold).

30-What is Ledger tally?

ANSWER-

A ledger is the actual account head to identify your transactions and are used in all accounting vouchers. For example, purchase, payments, sales, receipts, and others accounts heads are ledger accounts. Without a ledger, you cannot record any transaction. All ledgers have to be classified into groups.

31-What is the main function of tally?

ANSWER-

Tally is a complete system for business accounting and inventory management. It provides various facilities like Govt. supported formats, multilingual operations, online functions and processing for small, medium and big businesses.

32-Can I learn Tally one day?

ANSWER-

Minimum 5 hours and Maximum 60 hours and depends upon the level of knowledge you required. Time is dependent on your existing qualification. If you know accounting you can learn in 1 month if you don't have idea of accounting than It will require minimum 3 months.

33-Is  Tally difficult to learn?

ANSWER-

you are the right place because tally is a very nice and easy software to use for complete business solutions and also easy to learn and use as well. Following are the highlights of the Tally can do: Accounting with each type of transaction such as payment, receipt, sales, purchase.