Nowadays, nearly all the accounting functions have been computerized and therefore some people hold the opinion...

Nowadays, nearly all the accounting functions have been computerized and therefore some people hold the opinion that there is no need to learn the manual accounting system. Do you agree or not? In you discussion, please include the ways that manual accounting knowledge assists in developing computerized accounting systems.

Expert Solution

Opinion that there is no need to learn manual accounting systme is not correct because of some of disadvantages of computerized accounting systems like 1) Chances of Potential Fraud as hackers can hack your business data easily. 2) There is always a chance of technical issue while using computers for accounting, like you can get power outage while doing an important year end accounting or your computer may get hit by a virus, etc. 3) Business owners who don't give time to establish the catagories of accounts may get incorrect reports and incorrect information.

Manual accounting knowledge may assists in developing computerized accounting systems as knowledge of basic principles of accounting will help you create correct catagories of accounts. Knowledge of manual accounting will help you to post entries according to the nature of the account (like balance of asset increases on debit and balance of liabilities increases on credit).

ekkarill92 answered 2 years ago

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