The ability to computerize the accounting cycle

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corporations, etc. the ability to computerize the accounting cycle. Technology has developed accounting software which enables a company to display automated transactions. These applications have become the mainstream of maintaining the financial records and creating reports. For instance, if you enter a payment to a vendor through the check module, “the
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FUNDAMENTALS OF ACCOUNTING 5 computer distributes the amounts to the general ledger” (Cook, n.d.) They become credits to the asset accounts and debits to the Cost of Goods Sold account. Computerized accounting has simplified the archaic method of recording transactions and has sped up productivity in the workplace. The downside of computerized accounting is the loss of data or the incorrect transactions posted to develop meaningless reports. So this goes out to everyone, before venturing in to the field of accounting it is imperative to understand how the debit and credit convention will impact the economic situation of a company. Understanding and applying this rule will result in precise and pristine financial records.
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FUNDAMENTALS OF ACCOUNTING 6 References Cook, C. (n.d) How Computers Has Simplified Accounting. Retrieved from Principles of Accounting, (n.d.) Retrieved from The History of Utilitarianism, (2009, Retrieved from
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FUNDAMENTALS OF ACCOUNTING 7
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