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Core Banking Systems & Accounting in Computerised Environment
What are the two indispensable parts of a computerised accounting system?
Hardware (physical components like CPU, monitor, server) and software (instructions telling hardware what to do).
Define Computerised Accounting System (CAS).
System where transaction capture, entry posting, financial statement preparation, and report generation all performed via computer.
Name five defining features of computerised accounting.
Speed, accuracy, reporting capability, economy, and single-unit or multi-user configuration options.
What does 'garbage in, garbage out' mean in computerised accounting?
Accuracy depends on correct data entry; incorrect input produces incorrect output despite programmed accuracy.
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