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4.For quick decision making & improved Business Performance: Computerized accounting is ahighly integrated application that transforms the business processes with its performance enhancingfeatures which encompass accounting, inventory, reporting and statutory processes. This helps thecompany access information faster, and takes quicker decisions. Computerized accounting alsoguarantees real-time optimization of operations and enhanced communication. It generates real-
time, comprehensive MIS reports and ensures access to complete and critical information,instantly.3Describe 5 key features all organisations should employ in relation to managing and using a computerised accounting systemThe main characteristics that all organizations must employ in relation to the management and use of a computerized accounting system is:Screen-In and Print Sales InvoiceAutomatic updating of customer accounts in the sales ledger. Register of supplier invoices.Automatic updating of vendor accounts in the purchasing ledger.Registration of bank receipts.Make payments and expensesAutomatic updating of the general ledgerAutomatic adjustment of stock recordsIntegration of a business database with the accounting programAutomatic Payroll and Associated Entries
4What is the difference between single and double entry accounting?One of the main difference between single entry system and double entry system is the type of record that is captured in the books of accounts and the method through which it is captured. In a single entry system, only single entry is recorded which can be either debit or credit transaction.On the other hand, double entry system has a double recording method in each transaction. This means that for every debit record there is a corresponding credit entry and vice versa. A debit and a credit entry are recorded for any transaction that happens in the enterprise.5List the 5 types of accounts which underpin double entry bookkeeping1. Assets2. Liabilities3. Income4. Expenses5. Capital gains6Which of the following examples would Total Assets remain unchanged?a)An accounts receivable is collected from the debtor (X)b)An account payable is paid to the creditorc)Depreciation expenses are recordedd)All of the above (x)e)None of the above7Pedro's Pasta pays a $600 debt it owes to a suppler. Referring to double entry accounting, what are the two effects of action? Show how you would record the transaction in the ledger.DRCRAccounts Payable (Liabilities)600Bank (Assets)600
8Pedro's Pasta pays a their storekeeper a wage of $1000 per week. Referring to double entry accounting, what are the two effects of action? Show how you would record the transaction in the ledger.DRCRWage (Expenses)1.000Bank (Assets)1.0009Pedro's Pasta purchases a car for $8,800 using a loan from the bank suppler. Referring to double entry accounting, what are the two effects of action? Show how you would record the transaction in the ledger.