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

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?

Answer 1

Solution:-

1) (a) These are the benefits of computerized accounting to an oroganisation:-

easier to administrate

centralized features of working

reliablity

provide facility to bulk transactions

usefull to get miscellanous reports

working are more standardized

speedy flow of reports, making entries, efficient time management etc

(b) all user friendly features which is more in demand as per the market survey like relevant management information systems (MIS) , miscellanous extra reporting features, more transparent way to handle the transactions , information needed as per the organization level with flexible goals and reporting purposes can be appropriately care of.

(c) these are the main differences between manual and computerized accounting

computerized accounting are more reliable than manual

computerized accounting takes usually very less time than manual to complete the overall accounting

computerized accounting fixes the responsibilty within the organization and one can be held accountable for their works

manual accounting are more complex than computerized

computerized accounting have repoting features which is missed in manual accounting

it is harder to determine errors in manual and easier to control errors in computerixed accounting

(2) (a) if the transaction is on cash basis than business must use sales receipt and if transactions are on credit basis than business must use the invoice to properly administer the transactions and easier to administer the transactions both cash as well as on credit basis.

(b) these are the significant differences between invoice and sales receipt

invoices used to transact credit and sales receipt are used to transact cash basis of transactions

invoice means amount is not fully pay off but sales receipt means all amount is paid for that transactions

in invoice customer has the liablity to pay off the amount mentioned but in sales receipt no amount is pending and customer is not liable for any amount

(c) these are the main industries who uses invoices over sales receipts

Construction business, wholeseller and distributor , professional service provider etc