StudentShare solutions
Triangle menu

Financial n accounting - Essay Example

Not dowloaded yet
In past, these systems include manual processes but now due to technology advancement the accounting information system changed into Computerized Accounting Information System. Improvement in technology have replaced manual accounting system with computerizes ones. As computers become faster, less expensive, and easier to use; all organizations are using computers in their day to day business. With the help of computers, companies can now capture, process, store, and transmit data. It controls the topics which are related to organization’s economic- financial area. It helps in decision-making process, performance evaluation, facilitating company’s transaction and in internal controls through computerized accounting information system. It combines concepts and accounting principles to record, process, analyse the financial information and then produce it to its end users for the purpose of making economic decisions. Firm’s performance can be improved, through operational efficiency and increased profitability (Fowzia and Nasrin, 2011, p.1). Software tools in the Computerized Accounting Information System (CAIS) Accounting software This software consists of basic accounting functions like input, processing and output. There are two types of accounting software i.e. low-end software and high-end software. Personal computer based accounting system enable companies to provide better and timely information. Income tax Currently tax preparation software is available for companies. So, even in a short period of time complex calculations can be done. Audit Trial balance software helps auditors to handle different types of adjusting entries, to input the working trial balance and mechanically compute the adjusted trial balance. Word processing Word processing software is used by the accountants to prepare reports, memos, billings and financial statement. Graphics software It is used by the managerial accountants and auditors to graph the data in reports and financial statements. Image processing It captures electronic image of data so that it can be stored and shared. Accountants can process all the electronically by just scanning the paper documents in computer. Electronic data interchange A company can exchange documents electronically with other company with the help of electronic data interchange. Electronic funds transfer It enables companies to make collections and payment electronically. So, if companies are in a view to pay for accounts payable to a supplier, it can do it with the help of electronic fund transfer. Purpose of Computerized Accounting Information System Computerized accounting information system (CAIS) can be single programs or even part of a larger system like enterprise resource planning. The purpose of the system is to reduce manual steps in accounting process and offer automated activities in order to improve reporting. Every function plays a minor part in accounting information system. Individual functions include accounts receivable, accounts payable, fixed assets, payroll, general accounting and cash management. CAIS often have modules that enable accountants to handle financial information related to their accounting tasks. Use of CAIS in the functioning of Organization CAIS saves time, reduce errors and eliminate waste by adopting ...Show more

Summary

Financial and Accounting Table of Contents Introduction 3 Software tools in the Computerized Accounting Information System (CAIS) 3 Accounting software 3 Income tax 4 Audit 4 Word processing 4 Graphics software 4 Image processing 4 Electronic data interchange 4 Electronic funds transfer 5 Purpose of Computerized Accounting Information System 5 Use of CAIS in the functioning of Organization 5 A…
Author : wildermanandrew
Financial n accounting essay example
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"Financial n accounting"
with a personal 20% discount.
Grab the best paper

Related Essays

Advanced financial accounting
However, with businesses becoming international, the distinction between domestic and foreign stakeholders should be resolved. This can only be possible if uniformity can be introduced in existing accounting standard.
11 pages (2750 words) Essay
Financial Management and Accounting
In this paper, I seek to discuss aspects of financial management and accounting in a healthcare organization’s setup – nursing home. Identification of the Type of Organization – Nursing Home A nursing home refers to a set of “facilities with three or more beds that routinely provide nursing care services” (Evashwick, 2005, p.
3 pages (750 words) Essay
Management Accounting and Financial Accounting: two branches of the accounting
According to Robert N. Anthony: "Management Accounting is concerned with accounting information that is useful to management" (1) Management Accounting and Financial accounting are the two branches of the accounting -Financial accounting is concerned with the recording of day-to-day transactions of the business.
3 pages (750 words) Essay
Financial & Management Accounting
This aspect of accounting concerns itself with learning about the effect an organisation has on society and about its relationships with an entire range of stakeholders to whom it is accountable. These would include all those groups who affect and/or are affected by the organisation and its activities.
19 pages (4750 words) Essay
Financial accounting Master Essay
Some express comfort knowing that the theories have evolved from a systemic line of problem solving since the early 1800's, while others embrace the fact that scientific method and practical application has played a huge role in developing a more consistent baseline in latter years.
12 pages (3000 words) Essay
Current Issues in Management and Financial Accounting
The current dilemma in the business world is that financial accounting becoming more harmonized whereas the management accounting varies with firms and regions. This assignment doesn't aim to show that how this harmonized financial accounting occurs or what are the differences between the two.
12 pages (3000 words) Essay
Financial and Management Accounting
Accountancy data are prepared for people who are not involved in day to day running of businesses and institutions. It is the summarization of the
6 pages (1500 words) Essay
Financial accounting
Consequently, the financial information estimates provided to the investors will be biased on the current value of the firm and its
6 pages (1500 words) Essay
Financial Accounting Reports
These statements are provided to general public outside the company and the main receivers of the information included therein are generally for the stockholders/owners. Certain
8 pages (2000 words) Essay
Financial accounting
on the fact that when possible defects in the world markets are identified such as the crash of the stock market in the year 1929, it is often easy to assume that regulatory measures are required to make the situation right. Although such conclusion can be justified, is can
7 pages (1750 words) Essay
Get a custom paper written
by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
YOUR PRIZE:
Apply my DISCOUNT
Comments (0)
Rate this paper:
Thank you! Your comment has been sent and will be posted after moderation