Question

Define Accounting cycle and state the phases involved in an Accounting cycle. OR Explain the meaning of 'Password Security' and 'Data Audit' as…

Accepted Answer

Accounting Cycle Accounting Cycle means the process involved in identifying, measuring and communicating the information. The basic phases of the cycle are as follows: • Business transactions are analysed • The transactions are recorded in the journal • Journal entries are posted to the ledger accounts • Accounts are reviewed and the necessary adjustments made. • Adjustments are posted in the ledger to prepare adjusted trial balance. • Adjusted trial balance is used to prepare the Balance Sheet and Profit and Loss Account • Financial statements are prepared from the finally adjusted ledger and balancing the accounts OR (b) Q. Explain the meaning…………………………. Ans. Password Security Password is widely accepted security control to access the data. Only the authorised person can access the data. It ensures data integrity. It uses a binary encoding format of storage and offers access to the database. Data Audit Audit feature of accounting software provides the user with administrator right in order to keep track of unauthorised access to the database. It’s an audit for the correctness of the entries.

Define Accounting cycle and state the phases involved in an Accounting cycle .
OR
Explain the meaning of 'Password Security' and 'Data Audit' as security features of Computerised Accounting System.

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More from Overview of Computerised Accounting System

Define Accounting cycle and state the phases involved in an Accounting cycle .ORExplain the meaning of 'Password Security' and 'Data Audit' as security features of Computerised Accounting System.

Marking-scheme solution

More from Overview of Computerised Accounting System

Define Accounting cycle and state the phases involved in an Accounting cycle .
OR
Explain the meaning of 'Password Security' and 'Data Audit' as security features of Computerised Accounting System.