In no less than 100 words, as you complete your assignment, consider some of the similarities...

In no less than 100 words, as you complete your assignment, consider some of the similarities and differences between using a manual system versus a computerized system. Hint: Refer to Chapter 6 pages 170 & 171 for discussion of computerized accounting systems.

Expert Solution

Computerized Accounting System is software stored in a computer or server.

It helps to generate financial statements such as income and Expenditure Statements, Balance Sheet, and Cash Flow Statement.

It is useful for firms generally have too many transactions to overcome manual accounting system. If companies have more complications then they should prefer a computerized Accounting System. Some of the customized computerized options are available in the market which is economical for small organizations.

Computerized Accounting Systems useful for tracking accounting activity in conjunction with information technology resources. It is quicker and faster than manual accounting system.

In manual accounting system accounts are recorded manually (by hand) without using any computer intervention.

Transactions are recorded in the journals. The chances of human errors are quite high.

The risk of data loss is very low in the case of a manual accounting system.

ekkarill92 answered 1 year ago

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