Question

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

Hint:

Computerised accounting systems improve control and transparency while increasing speed and accuracy in financial operations.

Answer 1

Transparency and Control:} - A computerised accounting system ensures transparency by providing access to real-time data and reports. - It enhances control as users can track every transaction and identify errors easily through automated checks and logs. - The system facilitates a clear audit trail, helping maintain the integrity of financial data. Accuracy and Speed:} - The system performs calculations with high accuracy, reducing the chances of human error. - Automation in repetitive tasks like ledger posting, invoice generation, and reporting increases the speed of operations. - It allows organizations to generate reports and analyze data quickly for decision-making.