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Evolution and Features of Computerised Accounting Video Lecture | SSC CGL Tier 2 - Study Material, Online Tests, Previous Year

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FAQs on Evolution and Features of Computerised Accounting Video Lecture - SSC CGL Tier 2 - Study Material, Online Tests, Previous Year

1. What is computerised accounting?
Ans. Computerised accounting refers to the use of computer software and technology to record, store, and process financial transactions and information. It involves the automation of various accounting tasks, such as bookkeeping, invoicing, payroll, and financial reporting.
2. What are the advantages of computerised accounting over manual accounting?
Ans. Computerised accounting offers several advantages over manual accounting. It improves accuracy and reduces errors by automating calculations and data entry. It also enables faster processing of transactions, generates real-time reports, and provides better data security and backup options. Additionally, it allows for easier collaboration and integration with other business systems.
3. How has computerised accounting evolved over time?
Ans. Computerised accounting has evolved significantly over time. Initially, it involved the use of basic accounting software that focused on automating bookkeeping tasks. However, with advancements in technology, modern computerised accounting systems now offer a wide range of features, such as inventory management, budgeting, financial analysis, and integration with other business applications. Cloud-based accounting solutions have also emerged, allowing for remote access and collaboration.
4. What are some common features of computerised accounting systems?
Ans. Computerised accounting systems typically include features such as general ledger, accounts payable and receivable, inventory management, payroll processing, financial reporting, and bank reconciliation. They may also offer features like budgeting, forecasting, tax management, and integration with other business systems.
5. How can computerised accounting benefit businesses?
Ans. Computerised accounting can benefit businesses in various ways. It streamlines accounting processes, reduces manual errors, and saves time and effort. It provides accurate and up-to-date financial information, enabling better decision-making. It also offers improved financial analysis and reporting capabilities, which can help businesses understand their financial performance and plan for the future. Additionally, computerised accounting allows for easier compliance with tax regulations and offers better data security and backup options.
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