DK Goel Accountancy Class 11 Solutions Chapter 26 Computerised Accounting System which is outlined by expert Accountancy teachers from the latest version of DK Goel Class 11 Accountancy books. We at BYJU’S provide DK Goel Solutions to assist students to comprehend all the theories in particular. There are numerous concepts in Accountancy, but the concepts of Trial Balance, Depreciation and Bank Reconciliation Statement (BRS) are required.
DK Goel Accountancy Class 11 Solutions – Chapter 26
Define computerised accounting system
Answer- Computer accounting system is that accounting system that is used in preparing the financial transactions and events of business. The statement is prepared according to the Generally Accepted Accounting Principles (GAAP).
What is the difference between the manual and computerized accounting system?
|Basis||Manual Accounting||Computerized Accounting|
|Identifying Financial Transactions||The identification is done manually by applying principles of accounting||Here also the identification is done manually by applying principles of accounting|
|Recording||All the transaction (addition, subtraction, totaling) recorded in the original book are done manually||Here, only the storing to the data in the database is done manually rest everything is computerized|
|Classification||Classifications like posting of the transaction to the ledger are done manually||The data stored are processed automatically by the software to give the ledger account|
|Summarising||Balancing of ledger account and preparation of trial balance is done manually||The data stored are processed the trial balance automatically|
|Adjustment Entries||The identification, recording, and posting of adjustment entry is done manually||The identification and recording of adjustment entry is done manually but the posting is done by the software|
|Financial Statement||In manual accounting, the trial balance is compulsory to produce the financial statement||In financial accounting, the trial balance is generated from the software. Therefore, the trial balance is not required|
|Close the Books||The closing of books of account and transferring of opening balance by recording opening entries are done manually||The closing of books and transferring is done by the software and opening balance is stored in the database|
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