Questions and Answers
Which of the following is NOT a feature of manual accounting systems?
Which of the following types of entries are necessary in both manual and computerized accounting systems?
Which of the following is an advantage of computerized accounting systems over manual systems?
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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Description
Test your knowledge on accounting systems with this quiz! Discover the differences between manual and computerized systems, learn about the necessary procedures for accurate financial reporting, and understand the importance of adjusting entries. Sharpen your skills on classification and analysis of transactions and find out which system is more efficient and accurate. Challenge yourself and see how much you know about accounting systems!
