Commerce Exam > Commerce Notes > DK Goel Solutions - Class 11 Accountancy > DK Goel Solutions: Computerised Accounting System
DK Goel Solutions: Computerised Accounting System | DK Goel Solutions - Class 11 Accountancy - Commerce PDF Download
Short Answer Type Questions
Q1: Define computerised accounting system
Ans: 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).
Q2: What is the difference between the manual and computerised accounting system?
Ans: Manual vs Computerised Accounting System
The document DK Goel Solutions: Computerised Accounting System | DK Goel Solutions - Class 11 Accountancy - Commerce is a part of the Commerce Course DK Goel Solutions - Class 11 Accountancy.
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FAQs on DK Goel Solutions: Computerised Accounting System - DK Goel Solutions - Class 11 Accountancy - Commerce
| 1. What is a computerized accounting system and how does it work? |  |
Ans. A computerized accounting system is a software application that helps businesses manage their financial transactions and reporting. It automates processes such as bookkeeping, invoicing, payroll, and financial reporting. Users input data into the system, which then processes it and generates financial statements, helping businesses maintain accurate records and make informed decisions.
| 2. What are the advantages of using a computerized accounting system over manual accounting? | |
Ans. The advantages of using a computerized accounting system include increased accuracy, as automated calculations reduce human error. It also saves time by streamlining processes, allows for real-time financial reporting, and improves data accessibility. Additionally, it enhances security by protecting sensitive financial information and facilitates easier compliance with tax regulations.
| 3. What are some popular computerized accounting software options available in the market? | |
Ans. Some popular computerized accounting software options include QuickBooks, Tally, Zoho Books, Sage, and FreshBooks. Each of these platforms offers various features to cater to different business needs, such as invoicing, expense tracking, and financial reporting.
| 4. How can a business choose the right computerized accounting system for its needs? | |
Ans. To choose the right computerized accounting system, a business should consider factors such as the size of the company, budget, specific features required (like inventory management or payroll), user-friendliness, and customer support. It is also beneficial to read reviews and possibly take advantage of free trials to assess the software's compatibility with business operations.
| 5. What are the common challenges businesses face when implementing a computerized accounting system? | |
Ans. Common challenges include resistance to change from staff, data migration issues from manual systems, the learning curve associated with new software, and cost implications of purchasing and maintaining the system. To mitigate these challenges, businesses can provide adequate training and support to employees and ensure a phased implementation approach.
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Dec 27, 2024 Last updated |
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