Question

What are the different phases of accounting cycle which can be processed through the use of computers? OR List eight uses of accounting softwares.

Accepted Answer

Different phases of accounting cycles which can be processed through computer are as Follows: 1. Analysis of business transactions. 2. Posting of Journal entries to ledger accounts. 3. Preparation of trial balance from balances of accounts. 4. Review of accounts and making of necessary adjustments. 5. Posting of adjustments to ledger and preparation of adjusted trial balance. 6. Adjusted trail balance in used to prepare Profit and Loss account and Balance Sheet. 7. Financial statements are prepared from the finally adjusted ledger and balancing the accounts. OR (b) Q. List eight uses of accounting …………………………. Ans. Uses of accounting software. (Any 8) 1. It can perform all basic accounting functions. 2. Manage the stores 3. Can perform the job of ‘Costing’ 4. Manage payroll 5. Can get many Management Information System reports which are useful for day-to-day function. 6. File Tax returns like prepare VAT Forms, TDS returns, etc. 7. Maintain budgets 8. Calculate interest on pending amounts. 9. Manage data over different locations and synchronize it.

What are the different phases of accounting cycle which can be processed through the use of computers ?
OR
List eight uses of accounting softwares.

Marking-scheme solution

More from Overview of Computerised Accounting System

What are the different phases of accounting cycle which can be processed through the use of computers ?ORList eight uses of accounting softwares.

Marking-scheme solution

More from Overview of Computerised Accounting System

What are the different phases of accounting cycle which can be processed through the use of computers ?
OR
List eight uses of accounting softwares.