12ACC Unit 7

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23 Terms

1
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Uses of a Computerised Accounting

  • Automatic Processing: A source document is entered into the system, which automatically updates ledgers, trial balance, statements of profit and loss, and financial position

2
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Uses of a Computerised Accounting

  • Integration of Functions: Updates related functions automatically Eg. Inventory after a sale, provide payroll records, and produce documents such as invoices and credit notes

3
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Uses of a Computerised Accounting

  • Management information: Provides reports to aid decision-making Eg. Obtaining an aged trade receivables analysis, audit trails, ratio and performance analysis, break-even analysis, the application of costing systems, production of budgets and capital investment decisions

4
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The advantages of Computerised Accounting

  • Faster processing: The Speed of processing data is increased as the system will automatically update all the relevant ledgers

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The advantages of Computerised Accounting

  • Saves space: No need for physical books and ledgers

6
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The advantages of Computerised Accounting

  • Quick production of reports and documents in large quantities and formats to suit the needs of managers Eg. Invoices, as well as overdue letters and aged trade receivables schedule

7
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The advantages of Computerised Accounting

  • Improved accuracy: Safeguards are built into most accounting packages to prevent mistakes Eg. Journals can't be entered into the system if they don't balance

8
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The advantages of Computerised Accounting

  • Auditing and fraud prevention: Many systems will highlight unusual and potentially fraudulent activity so that auditors and managers can investigate potential problems

9
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The disadvantages of a computerised accounting system

  • Cost: Computers, software, installation, maintenance, staff training

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The disadvantages of a computerised accounting system

  • Staff training: Time and resources needed

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The disadvantages of a computerised accounting system

  • Systems crashing: Risk of data loss due to power cuts or programme failures. Procedures can be put in place to back up work regularly

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The disadvantages of a computerised accounting system

  • External threats to data: Cyber attacks and anti-virus
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The disadvantages of a computerised accounting system

  • Carelessness: Staff could take less care, knowing that there are built-in facilities to prevent errors
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The disadvantages of a computerised accounting system

  • Employee resistance: Some may resist change or leave
15
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Protecting the integrity and security of data

  • Installing anti-virus software
16
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Protecting the integrity and security of data

  • Strong passwords and restricted access
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Protecting the integrity and security of data

  • Automatic lockdown or logging out when unattended
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Protecting the integrity and security of data

  • Saving and backing up work to prevent data loss
19
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Protecting the integrity and security of data

  • Encrypted or restricted USB drives to prevent virus spread or data theft
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Protecting the integrity and security of data

  • Introduce an acceptable use policy that defines permitted behaviour
21
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Protecting the integrity and security of data

  • Staff training in cyber awareness
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Protecting the integrity and security of data

  • Disciplinary process
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Protecting the integrity and security of data

  • Compliance audits and tracking