Computerized Accounting Systems Computerized Accounting System is used by all the forms of the companies for its three main advantages over manual systems. They are: 1. It simplifies the record keeping process by recording transactions in electronic journals or forms and simultaneously posting them to the respective ledgers. 2. This system is more accurate compared to the manual one. 3. It provides the management about the status of accounts (balances) that helps the management in proper decision making. E-Commerce Use of internet in performing the business transactions is called e-commerce. To identify: The kind of e-commerce application described by the Company A.
Computerized Accounting Systems Computerized Accounting System is used by all the forms of the companies for its three main advantages over manual systems. They are: 1. It simplifies the record keeping process by recording transactions in electronic journals or forms and simultaneously posting them to the respective ledgers. 2. This system is more accurate compared to the manual one. 3. It provides the management about the status of accounts (balances) that helps the management in proper decision making. E-Commerce Use of internet in performing the business transactions is called e-commerce. To identify: The kind of e-commerce application described by the Company A.
Solution Summary: The author explains the advantages of computerized accounting systems over manual systems. They explain the type of electronic form to be used to record the sales transaction.
Definition Definition Assets available to stockholders after a company's liabilities are paid off. Stockholders’ equity is also sometimes referred to as owner's equity. A stockholders’ equity or book value generally includes common stock, preferred stock, and retained earnings and is an indicator of a company's financial strength.
Chapter 5, Problem 5.23EX
(a)
To determine
Computerized Accounting Systems
Computerized Accounting System is used by all the forms of the companies for its three main advantages over manual systems. They are:
1. It simplifies the record keeping process by recording transactions in electronic journals or forms and simultaneously posting them to the respective ledgers.
2. This system is more accurate compared to the manual one.
3. It provides the management about the status of accounts (balances) that helps the management in proper decision making.
E-Commerce
Use of internet in performing the business transactions is called e-commerce.
To identify: The kind of e-commerce application described by the Company A.
(b)
To determine
To provide: The journal entry for the transaction.
(c)
To determine
To explain: The type of special journal to be used to record this sales transaction.
(d)
To determine
To explain: The type of electronic form to be used to record this sales transaction.
(e)
To determine
To explain: Would it be appropriate for Company A to use special journals or electronic forms for this sales transaction.
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Chapter 5 Solutions
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