Question

Plz write in your own text and don't copy answers that was answered before since my teacher has (Plagiarism checker) thank you at least 3-4 paragraphs

1. In your own words, describe the benefits of computerized accounting to an organization. What features in QuickBooks will aid an organization in its accounting and decision-making process? What differentiates manual and computerized accounting systems?

2.How does a business recognize when to create an invoice and when to create a sales receipt? What are the significant differences between sales receipts and invoices? What industries will most likely use invoices over sales receipts?

3 QuickBooks Desktop records revenue when an invoice is generated even though cash has not been received. Is this an acceptable practice? Why or why not?

Answer 1

1. In your own words, describe the benefits of computerized accounting to an organization.

1. Reduce Errors. which occurs while recording Manually.
2. All the accounting information are maintained in Electonic Form.
3. All the necessary information will appear on Screen with one Click.
4. Save money,time and labour.
5. There is only few personnel required.
6. Helps in Decision Making.

What features in QuickBooks will aid an organization in its accounting and decision-making process?

QuickBooks are very Useful to power the Growth of Business:

1. It helps to Determine risk while investing in a project.
2. It provides useful economic data which is great help towards Decision Making.
3. It helps in traking inventory which helps to decide the entity to produce or not,to repurchase or not.
4. It determines the profitability in a project through job costing -they analyze the consumer and then determine the profit.
5. It helps to Secure the important data of the entity which helps the entity to grow in his business.

What differentiates manual and computerized accounting systems?

MANUAL ACCOUNTING

COMPUTERIZED ACCOUNTING

1.Done by human efforts 2.Chances of Error are more 3.More time Consuming 4.Accounting Records are in the form of Paper there are chances of destruction. 5.More Personnels required. 6. Infrequent Tracking and Reporting

1.Done by Machine 2. Chances of Error are Less 3.Less Time Consuming 4.Accounting records are in Electronic Form hence Chances of Destruction are less. 5.Less personnel required. 6.Frequent Tracking and Reporting.

2.How does a business recognize when to create an invoice and when to create a sales receipt?

It depends on how the payment is received- (a)If payment is received later and not now an invoice is recognized,(b)otherwise, if payment is received on the spot sale receipt is recognized.

What are the significant differences between sales receipts and invoices?

Invoice is details regarding how much customer needs to pay and payment method accepted by seller,it is issued before sale is finalized.Sale receipts are issued when customer pays the required amount.

What industries will most likely use invoices over sales receipts?

Invoices are mostly used by Freelancers and Sales receipts are commonly used by Retailers.

3 QuickBooks Desktop records revenue when an invoice is generated even though cash has not been received. Is this an acceptable practice? Why or why not?

Invoices are issued when cash is not received on the spot but in future periods.If an entity follows Cash basis of accounting revenue cant be recognized before receiving cash,But if Entity follows Accrual Basis of Accounting revenue is recognized when earned so Recognizing revenue before receiving cash is acceptable.