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Questions and Answers
Which of the following is NOT a feature of manual accounting systems?
Which of the following is NOT a feature of manual accounting systems?
- Journalizing and posting transactions
- Examining source documents
- Preparing financial statements
- Automatic posting to ledgers (correct)
Which of the following types of entries are necessary in both manual and computerized accounting systems?
Which of the following types of entries are necessary in both manual and computerized accounting systems?
- Classification and analysis of transactions (correct)
- Automatic posting and encoding transactions
- Depreciation and amortization
- Accruals and deferrals
Which of the following is an advantage of computerized accounting systems over manual systems?
Which of the following is an advantage of computerized accounting systems over manual systems?
- Less time-consuming procedures
- No need for adjusting entries
- Lower risk of errors
- More accuracy in financial reporting (correct)
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Study Notes
- Accounting systems can be manual or computerized.
- Manual systems involve procedures such as examining source documents, journalizing, posting, and preparing financial statements.
- Adjusting entries are necessary in manual systems for accruals, deferrals, depreciation, and amortization.
- Computerized systems involve examining source documents, encoding transactions, and automatic posting to ledgers.
- Trial balances and financial statements are automatically produced in computerized systems.
- Both systems require accurate classification and analysis of transactions.
- Manual systems are more time-consuming and prone to errors.
- Computerized systems offer more efficiency and accuracy.
- Adjusting entries are still necessary in computerized systems.
- Both systems are important for accurate and reliable financial reporting.
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