Question

Explain ‘Transparency and Control’ and ‘Accuracy and Speed’ as features of Computerised Accounting System:

Hint:

Transparency ensures accountability, while accuracy and speed reduce errors and improve decision-making efficiency in a Computerised Accounting System.

Answer 1

1. Transparency and Control: - Ensures that all accounting records are accurate and up-to-date. - Facilitates audit trails by tracking all entries, modifications, and deletions in the system. - Enhances accountability, as every transaction is recorded systematically and can be easily traced. 2. Accuracy and Speed: - Automates calculations, such as totaling and balancing, reducing human error. - Enables faster processing of financial data, such as generating invoices, receipts, and financial reports. - Provides real-time access to financial information, which aids in better decision-making. \vspace{0.5cm}