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Acc 101 - Basic Accounting 1

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Description

FEDERAL UNIVERSITY OF AGRICULTURE MAKURDI
ACOOUNTING AND FINANCE DEPARTMENT
UNIVERSITY OF AGRICULTURE MAKURDI

ACC 101 – Introduction to Basic Accounting I

ASSIGNMENT 1

INSTRUCTION: Answer the question below AND state your Name, Matric.
Number, Department and Course Option.

ACCOUNTING AND FINANCE DEPARTMENT ANSWER QUESTION 1

BUSINESS MANAGEMENT DEPARTMENT ANSWER QUESTION 2

AGRIBUSINESS DEPARTMENT ANSWER QUESTION 3

1. Briefly discuss the following:
a. Cash Accounts
b. Personal Accounts
c. Real Accounts
d. Nominal Accounts
10%

2. Highlight any four (4) differences between journals and ledgers.
10%

3. Briefly discuss any four (4) differences between Computerized
Accounting System and Manual Accounting System.
10%

NOTE: To be uploaded (submitted) before Friday 16th of June, 2017.

Entries on Acc 101 - Basic Accounting 1

Uploaded by Auta Finiki | 2 views

The four differences between manual and computerized accounting system

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Uploaded by Agbo Janet | 1 view

NAME: AGBO JANET MAT NO: 16/38352/UEDEPT: AGRIBUSINESS OPTION: B.SC AGRIBUSINESS MANAGEMENTCOURSE CODE: ACC 101LEVEL: 200SpeedThe main difference between manual and computerized systems is speed. Accounting software processes data and creates reports much faster than manual systems. Calculations are done automatically in software programs, minimizing errors and increasing efficiency. Once data is input, you can create reports literally by pressing a button in a computerized system.CostAnother difference between manual and computerized systems is cost. Manual accounting with paper and pencil is much cheaper than a computerized system, which requires a machine and software. Other expenses associated with accounting software include training and program maintenance. Expenses can add up fast with costs for printers, paper, ink and other supplies.BackupA third difference between manual and computerized systems is the ease of backup of a computerized system. All transactions can be saved and backed up, in case of fire or other mishap. You cannot do this with paper records, unless you make copies of all pages--a long and inefficient process.STORAGEIn Manual system, storing of files is usually keep hard copies while in computerized system files are stored in soft copies.

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Uploaded by Achegbulu Joy Ene | 2 views

NAME: ACHEGBULU JOY ENEMAT NO: 16/38471/UEDEPT: AGRIBUSINESSOPTION: B.SC AGRIBUSINESS MARKETTING AND CO-OPERATIVECOURSE CODE: ACC 101LEVEL: 200SpeedThe main difference between manual and computerized systems is speed. Accounting software processes data and creates reports much faster than manual systems. Calculations are done automatically in software programs, minimizing errors and increasing efficiency. Once data is input, you can create reports literally by pressing a button in a computerized system.CostAnother difference between manual and computerized systems is cost. Manual accounting with paper and pencil is much cheaper than a computerized system, which requires a machine and software. Other expenses associated with accounting software include training and program maintenance. Expenses can add up fast with costs for printers, paper, ink and other supplies.BackupA third difference between manual and computerized systems is the ease of backup of a computerized system. All transactions can be saved and backed up, in case of fire or other mishap. You cannot do this with paper records, unless you make copies of all pages--a long and inefficient process.STORAGEIn Manual system, storing of files is usually keep hard copies while in computerized system files are stored in soft copies.

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Uploaded by Anebi Thankgod | 1 view

The difference between computerized accounting and manual accounting system.

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Uploaded by Olekwu Peter Michael | 2 views

The four differences between manual and computerized accounting

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Uploaded by Deli Cornelius | 2 views

The four differences between manual and computerized accounting system

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Uploaded by Tsegba Sylvia Doosuur | 5 views

Assignment on ACC101

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Uploaded by Amedu Babangida | 2 views

Differences between computerized accounting system and Manual Accounting system are listed below:

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Uploaded by Mimidoo Jennifer | 1 view

DIFEERENCES BETWEEN MANUAL AND COMPUTERIZED ACCOUNTING SYSTEM

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Uploaded by Igbeyol Aondona | 2 views

Differences between computerized accounting system and manual accounting system.

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