This lesson video series covers broadly, the need of Computerised Accounting System, the impact of IT on Financial Accounting System and the major functions of Accounting Information System
Introduction to CBSE Class 12 Accountancy Chapter: Overview of Computerised Accounting System
A computerised accounting system processes financial transactions as per Generally Accepted Accounting Principles (GAAP) to produce user-demanded reports. This system operates under two aspects: accounting principles and user-defined structures for maintaining records and generating reports.
Key Components of CBSE Class 12 Accountancy Chapter: Overview of Computerised Accounting System
- Hardware: Physical components like computers, printers, and storage devices that are necessary for the system’s operation.
- Software: Programs that perform various accounting functions. It includes operating software, utility software, and application software.
- Humanware: Personnel who operate and manage the computerised accounting system.
Features of CBSE Class 12 Accountancy Chapter: Overview of Computerised Accounting System
- Speed and Accuracy: Enhances the speed and precision of accounting processes.
- Automation: Automates repetitive tasks, reducing manual work.
- Real-Time Processing: Provides up-to-date information and real-time user interfaces.
- Security: Offers better data security and access controls.
- Cost Efficiency: Reduces the overall cost of accounting operations.
Advantages of CBSE Class 12 Accountancy Chapter: Overview of Computerised Accounting System
- Efficient data management
- Improved accuracy and reliability
- Enhanced decision-making capabilities
- Better compliance with regulatory requirements
Limitations of CBSE Class 12 Accountancy Chapter: Overview of Computerised Accounting System
- System failures and data loss
- High initial setup and training costs
- Dependence on technology and technical issues
Types of Accounting Software in CBSE Class 12 Accountancy Chapter: Overview of Computerised Accounting System
- Readymade Software: General-purpose software suitable for small businesses.
- Customized Software: Modified readymade software to meet specific needs, ideal for medium to large businesses.
- Tailor-Made Software: Developed specifically for a particular organization, suitable for large enterprises with specific requirements.
Assignments for CBSE Class 12 Accountancy Chapter: Overview of Computerised Accounting System
- Assignment 1: Compare Accounting Systems
- Compare the features and benefits of manual and computerised accounting systems. Discuss the impact of each on business efficiency.
- Assignment 2: Software Selection Criteria
- List and explain the factors to consider when selecting accounting software for a mid-sized manufacturing company.
- Assignment 3: Practical Implementation
- Design a basic computerised accounting system for a small retail store. Include components like hardware, software, and procedures.
Conclusion of CBSE Class 12 Accountancy Chapter: Overview of Computerised Accounting System
Understanding the computerised accounting system is essential for modern businesses. It streamlines financial processes, enhances accuracy, and supports better decision-making, making it a vital component of contemporary accounting practices.
"Preparing for the Class 6 exam? Notebook is your go-to resource for learning anytime, anywhere. With courses, docs, videos, and tests covering the complete syllabus, Notebook has the perfect solution for all your study needs. Join Notebook today to get everything you need in one place.
Questions and Answers for CBSE Class 12 Accountancy Chapter: Overview of Computerised Accounting System
Q1. What is a computerised accounting system? ANS: A system that processes financial transactions as per GAAP using computers to generate reports.
Q2. What are the main components of a computerised accounting system? ANS: Hardware, software, and humanware.
Q3. List the advantages of a computerised accounting system. ANS: Speed, accuracy, reliability, efficiency, security, real-time processing, and cost efficiency.
Q4. What is the difference between readymade and tailor-made accounting software? ANS: Readymade software is general-purpose, while tailor-made software is specifically developed for a particular organization.
Q5. Explain the role of humanware in a computerised accounting system. ANS: Humanware refers to the personnel who operate and manage the computerised accounting system.
Q6. How does a computerised accounting system improve decision-making? ANS: By providing accurate and timely financial information, it helps in making informed decisions.
Q7. What are the limitations of a computerised accounting system? ANS: System failures, high setup and training costs, and dependence on technology.
Q8. Define operating software in the context of a computerised accounting system. ANS: It is a set of programs that manage the computer’s resources and support the accounting software.
Q9. What factors should be considered when selecting accounting software? ANS: Size of the organization, cost, flexibility, ease of adaptation, utilities, data exporting/importing capabilities, and level of secrecy.
Q10. Describe the impact of automation in a computerised accounting system. ANS: Automation reduces manual work, increases efficiency, and minimizes errors in accounting processes.
