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Define computerised accounting. List out various advantages and limitations of computerised accounting system. |
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Answer» A computerised accounting system is an accounting information system that processes financial transactions and events to produce reports as per user requirements. a. Advantages: 1. Speed 2. Accuracy 3. Reliability 4. Efficiency 5. Storage and Retrieval 6. Automated document production 7. Quality reports 8. Real-time user interface b. Limitations: 1. Huge training costs 2. Staff opposition 3. System failure 4. Breaches of security 5. Inability to check unanticipated errors |
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