Accounting in Computerized Environment
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Accounting and Financial Management for Bankers — JAIIB.
One-liners from this chapter
Free sample — 8 of 36 rapid-fire Q&A cards.
Data — Meaning / Banking Example?
Meaning: Any facts, observations, assumptions or occurrences. In accounting, data are the entries used to prepare financial statements.; Banking Example: Price, sales tax, GST rate, date of sale, customer ID on a sales invoice.
Record — Meaning / Banking Example?
Meaning: A group of related data items concerning ONE object of data processing.; Banking Example: A single sales invoice; one customer's KYC record; one cheque clearing entry.
Data File / File — Meaning / Banking Example?
Meaning: A compilation of related records maintained in some pre-arranged order.; Banking Example: Payroll file of 1,000 employees; SB account master file of a branch.
System — Meaning / Banking Example?
Meaning: Various components that process data (transactions) and produce outputs.; Banking Example: In manual accounting: persons + books of account trial balance. In CAS: computer + software + peripherals reports.
****Error-free accounting?
arithmetic mistakes are eliminated once correct data is fed.
Automatic completion of all records by feeding only one entry?
debit and credit posting, sub-ledger update, GL update and trial balance update happen in a single click.
Ability to integrate with other systems?
payroll, inventory, CRM, regulatory reporting (RBI XBRL, GSTN, IT returns).
Requirement of special programs and professionals?
every change in tax law, accounting standard or RBI guideline needs software customisation.
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