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Diploma of Accounting - Assignment

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Added on  2021-06-14

Diploma of Accounting - Assignment

   Added on 2021-06-14

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Running head: Diploma of Accounting1Diploma of AccountingAuthor’s name:Institutional Affiliation
Diploma of Accounting - Assignment_1
Diploma of Accounting2Diploma of AccountingThe standard system of accounting has traditionally been the prominent practice ofkeeping records of financial transaction for organizations. The accountant had to keep andmaintain account records like cash books, journals, and ledgers, and manually compile asummary of business deals and final financial reports (Sutera and Hughes, 2015). Technologicaladvancements have impacted to developing a variety of machines that execute different tasksthat relate to accounting. With the rapid changes in the technology, increased speed, storage, andprocessing capacity are essential and modern accounting techniques are to be employed. Theachievements of an organization and the ramifications of transactions tend to rely on resourceoptimization, faster judgment of financial decisions, and control. Frequent maintenance offinancial information is often necessary for efficient record keeping. (Gunawardana, 2015). Theuse of a computer-based accounting system to keep and maintain accounting records isconvenient with the present-day technology.A computer-based accounting system consists of a software package and the hardware,that replace the manual method in recording and processing financial transactions.Hardwarerefers to the working components and devices of the whole system. Software other hand consistsof modules, or small programs, each performing a specific function.The programs are linked toenable data sharing. The system provides a platform for experts to analyze the financial course ofbusiness and take appropriate precautions basing on the analysis. The system also requireshuman personnel to feed in the economic data (Marriott, 2015). Computer-based accountingsystems are designed in a way that they can be personalized depending on the nature of thebusiness. However, the essential components are the same on diverse accounting systems.
Diploma of Accounting - Assignment_2

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