4. Processing methods a.are the means by which the accounting system collects, summarizes, and reports accounting information b.are the policies and procedures that protect assets from misuse c.ensure that business laws and regulations are followed d.must be computerized

4. Processing methods a.are the means by which the accounting system collects, summarizes, and reports accounting information b.are the policies and procedures that protect assets from misuse c.ensure that business laws and regulations are followed d.must be computerized

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Computerized Accounting System

The Computerized Accounting System is generally a system of maintaining accounts using computers. In this method of accounting system, the accounting transactions are processed through the use of hardware and software to generate the reports such as journals, ledgers, trial balance, trading account, P/L accounts, balance and other reports.

Question

Processing methods

a.are the means by which the accounting system collects, summarizes, and reports accounting information

b.are the policies and procedures that protect assets from misuse

c.ensure that business laws and regulations are followed

d.must be computerized

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