Answered: Briefly compare a manual accounting…

Briefly compare a manual accounting system to a computerized accounting system identifying similarities and differences.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 4Q: Why are there so many different accounting information system software packages?

See similar textbooks

Related questions

Q: Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for…

A: Weighted Average Method is one of the methods of inventory valuation in which it is assumed that…

Q: Swifty Company's record of transactions concerning part X for the month of April was as follows.…

A: Perpetual Inventory System facilitates continuous stock checking. In this method, inventory is…

Q: On January 1, 2022, Pronto Company acquired 80 percent of Speedy Inc.'s voting stock for $7,900,000.…

A: Consolidation is an activity in which financial statements of a parent and its subsidiary should be…

Q: On September 1, 2024, Custom Shirts Incorporated entered into a lease agreement appropriately…

A: A lease agreement may be classified as an operating lease or capital lease from a lessor's point of…

Q: BE7.8 (LO 3) AP Video On March 2, Pugh Company established a petty cash fund of $100. On March 27 ,…

A: Petty cash fund is that fund which is established for small petty expenses. Imprest system is…

Q: Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price…

A: Depreciation is an accountng term which is used to reduce the book value of the assets due to its…

Q: On 1 January 20X0, Laron Inc issues $400,000 of 6%, 5-year bonds dated 1 January 20X0. Interest is…

A: When company issues bonds to generate cash then in the books bonds payable are recorded. As a bond…

Q: StorSmart Company makes plastic organizing bins. The company has the following inventory balances…

A: SCHEDULE OF COST OF GOODS MANUFACTUREDSchedule Of Cost Of Goods Manufactured are those costs which…

Q: ontrolling Interest Vampire Limited acquired a 75% interest in Empire Limited when the retained…

A: NCI shows the minority shareholders' claim on the subsidiary's assets and earnings, which is…

Q: Ahmad, age 55, is employed by BB Trucking Company as a tire repair specialist. He earns $62,000 per…

A: A 401(k) plan is a tax-advantaged retirement savings plan available to employees in the United…

Q: Chaz Corporation has taxable income in 2023 of $1,312,350 for purposes of computing the §179 expense…

A: Introduction:Depreciation allows a portion of a fixed asset's cost to the income generated by the…

Q: On January 1, 20X5, Spring Company purchased a machine with an expected economic life of ten years.…

A: Merger and acquisition:Merger & acquisition refers to the financial strategy where one company…

Q: The following transactions apply to Jova Company for Year 1, the first year of operation: 1. Issued…

A: Double-entry bookkeeping, the method used to document and monitor financial transactions, is based…

Q: 4. Baird Bros. Construction is considering the purchase of a machine $250,000. The machine is…

A: The net present value (NPV) of an investment helps assess if it is likely to yield a positive return…

Q: Vertical Analysis of Income Statement Revenue and expense data for Innovation Quarter Inc. for two…

A: Vertical Analysis is a form of financial analysis where the line items on a company’s income…

Q: Sunland State sells electronic products. The controller is responsible for preparing the master…

A: The budget is prepared to estimate the requirements for the period. The cash payment schedule is…

Q: On June 30, 2024, Single Computers issued 6% stated rate bonds with a face amount of $200 million.…

A: Issue price of bonds would be the present value of the interest annuity & maturity amount at…

Q: Grayson Corporation has 500,000 shares authorized, 428,000 shares issued, and 28,000 shares of…

A: Number of shares outstanding = Issued shares - Treasury stockTreasury stock- is the stock owned by…

Q: For Bramble Inc., variable manufacturing overhead costs are expected to be $24,400 in the first…

A: MANUFACTURING OH BUDGETManufacturing OH Budget is the Management Estimation of Manufacturing OH Cost…

Q: Lessee Company enters into a lease on January 1, 2024, that is accounted for as a finance lease. The…

A: The amount of lease liabilities is calculated by discounting future lease payments to present value…

Q: A finance lease agreement calls for quarterly lease payments of $5,753 over a 12-year lease term,…

A: A lease is defined as a contractual agreement incorporated between two business entities where one…

Q: Sales Inventory (1 October 2019) Purchases Operating expenses Loan from: Nelly Olive Land Buildir $…

A: It is an agreement between two or more parties to conduct the business and share the profits and…

Q: Exercise 10-3 (Algo) Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $379,080 for…

A: Fixed assets, often known as tangible assets or property, plant, and equipment (PP&E), are…

Q: In 2023, Sheryl is claimed as a dependent on her parents' tax return. Her parents report taxable…

A: The "dependent" means a person who satisfies specific requirements and can be claimed as an…

Q: Springwater Brewery has two main products: premium and regular ale. Its operating results and master…

A: “Since you have posted a question with multiple sub parts, we will provide the solution only to the…

Q: Classy Cruiseline offers nightly dinner cruises departing from several cities on the East Coast of…

A: Operating leverage factor or degree of operating leverage is calculated by dividing total…

Q: Phillips Supply uses a periodic inventory system but needs to determine the approximate amount of…

A: The retail sales method is an effective method of inventory valuation.. This method uses the…

Q: 1. In the ________ stage of team development, the team has completed the task and brings closure to…

A: The objective of the first question is to identify the correct stage of team development when the…

Q: E2-10 (Algo) Preparing Cost of Goods Manufactured and Income Statement [LO 2-6] Manufacturing costs…

A: Cost of goods manufactured -The cost of goods manufactured is the total cost incurred for…

Q: Sky Company employed Tom Mills in Year 1. Tom earned $4,900 per month and worked the entire year.…

A: Payroll tax ExpensesPayroll cost is the total expenses a company incurs related to compensating its…

Q: Lavage Rapide owns and operates a large automatic car wash facility near Montreal. The following…

A: Flexible budget is that budget which changes along with change in sales activity level or volume.…

Q: Lawson Consulting had the following accounts and amounts on December 31. The Retained Earnings…

A: TRIAL BALANCE Trial Balance is the Summary Statement of Credit & Debit Balances of All Ledgers.…

Q: Determine Due Date and Interest on Notes Determine the due date and the amount of interest due at…

A: A signed legal document that extends a commitment made to a particular person on a designated date…

Q: A company reported the following data for the most recent month: Fixed Cost per Variable Cost per…

A: The spending variance is the difference between the actual and flexible budget data. The fixed costs…

Q: Cullumber Company estimates that annual manufacturing overhead costs will be $ 1,166,000. Estimated…

A: Predetermined Overhead Rate :— It is the rate used to allocate manufacturing overhead cost to cost…

Q: Bledsoe Corporation has provided the following data for the month of November: Beginning 26,100 $…

A: SCHEDULE OF COST OF GOODS MANUFACTUREDSchedule Of Cost Of Goods Manufactured are those costs which…

Q: The following data relate to labor cost for production of 5,000 cellular telephones: Actual: 3,360…

A: Direct labor variance is the difference between standard direct labor cost for actual production and…

Q: Alliance Company budgets production of 33,000 units in January and 37,000 units in February. Each…

A: Lets understand the basics.Management prepares budget in order to estimate future profit and loss…

Q: Actual total costs for the month of November were $39,400. Q. The company's November Spending…

A: Variance can be defined as the difference between a standard cost and the comparable actual costs…

Q: The stockholders' equity section of Sheffield Corporation consists of common stock ($10 par)…

A: The stock dividend increases the number of shares issued and outstanding. The total shareholders'…

Q: 1. Assume that ACW Corporation has 2023 taxable income of $1,500,000 for purposes of computing the…

A: The Section 179 deduction is a tax break that enables businesses to write off the cost of a select…

Q: A company reports the following: Sales $630,720 Average accounts receivable (net) 52,560…

A: The objective of this question is to calculate the accounts receivable turnover and the number of…

Q: A partial listing of costs incurred at Backer Corporation during November appears below: Direct…

A: Conversion cost is the total expense incurred in transforming raw materials into finished products,…

Q: Carla Vista Co. has delivery equipment that cost $49,600 and has accumulated depreciation of…

A: A journal entry is a basic accounting record that is used to chronologically track financial…

Q: d a one-third capital and profit (loss) interest in XYZ Limited Partnership (LP). In exchange for…

A: Partnerships are a typical type of business organization that is regulated by a partnership…

Q: No 1 Required Information [The following information applies to the questions displayed below.] On…

A: Closing entries are those journal entries which are passed at the end of accounting period for…

Q: Diego Company paid $181,000 cash to acquire a group of items consisting of land appraised at $40,400…

A: The objective of the question is to allocate the total cost paid by Diego Company to acquire a group…

Q: P5-3 (Algo) Understanding the Statement of Earnings Based on the Gross Profit Percentage LO5-2 The…

A: Budgeted income statement means calculation of net income expected in coming time. Income statement…

Q: Wells Company reports the following budgeted sales: September, $50,000; October, $62,000; and…

A: The budget is prepared to estimate the requirements for the period. The cash receipt schedule is…

Q: Puvo, Incorporated, manufactures a single product in which variable manufacturing overhead is…

A: Material Quantity Variance= [(Standard Quantity - Actual Quantity) * Standard Price]

Question

Briefly compare a manual accounting system to a computerized accounting system identifying similarities and differences.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: accounting system

VIEW

Step 2: similarities and differences.

VIEW

Solution

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Which is preferable: implementing a manual accounting information system or implementing a computerised accounting information system? What is the procedure for setting up the system?
What is better: adopting a manual accounting information system or a computerized accounting information system? How to set up the system?
Defining components of an accounting information system Match each component of a computerized accounting information system with an example. Components may be used more than once.
The outputs of a computerized accounting information system are called a. reports. b. software. c. processing. d. purchase invoices.
How can computerized accounting help improve the reliability and flexibility of any manual accounting system
how to make accounting eqution grid? attached file
The outputs of a computerized accounting information system are called Reports. Software. Processing. Purchase invoices.
Is there a difference between computerized and manual accounting systems? What makes these two different?
What is a computerized accounting system? Write its advantages and disadvantages?
explain the reasons why accounting information analysts have different types of diagrams and other documentation to depict different views (e.g. process, logic, and data) of an information system?
What are some feature of integrated Accounting Software programs?
Use the flowchart above toanswer these questions: a. What accounting document is representedby symbol A?b. What is an appropriate name for thedepartment labeled B?c. What would be an appropriate descriptionfor process C?d. What is the location represented bysymbol D?e. What accounting record is represented bysymbol E?f. What is an appropriate name for thedepartment labeled H?g. What device is represented by symbol F?h. What device is represented by symbol G?i. What accounting record is represented bysymbol G?