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Accounting in Computerized Environment

Importance of Computer system in Accounting:-

1) Faster and efficient processing of information: - In the current business


environment the volumes of business are extremely high and of tumultuous
multitude. In order to process the ever burgeoning information it is important that
some tools expedite our work. It is highly cumbersome to attain such efficiency
manually. Thus computer systems help us process voluminous information in
real-time.
2) Automatic generation of accounting documents like invoices, cheques, and
statement of accounts: - In order to carry out transactions day in and day out we
need documents like invoices, cheques and statements of account. These
documents are readily prepared by the computer system thus reducing the burden
of manually.
3) MIS (Management Information Systems) generation: The computerized system
helps us in generating various reports that become very essential and crucial for
management to base their judgments upon. MIS has become an extremely
important decision making tool in contemporary times.
4) Security of Information: The computer systems safeguard all the classified
information in a systematic manner. There are various tools available like pass
word, encryption, and biometrics.
5) Accuracy: The computer systems enable you to process information with supreme
accuracy. The accuracy of the systems helps in reducing the turnaround time for
preparation of financial statements for all the entities that are interested in the
financial statements.
6) Internal Control Systems: The internal control systems are highly efficient in the
computerized environment. They do not allow manipulations to take place easily.
Even if there is a scope of manipulation, the internal control systems keep a tab
that manipulations can be detected.
7) Real time transfer of funds:- Transfer of money due to computerization has
developed at a rapid speed. The speed at which money gets transferred from one
place to the other in the world has taken the world of business by storm. Banks
are busy developing new technology to increase the efficiency of free flow of
funds.
8) Convenience: Computerization has lead to customer convenience. ATM facilities
have increased the customer’s abilities to withdraw money from any place at any
point in time. Such facilities are only possible because of highly computerized
accounting environment that facilitates such transactions.
Database:

A database is a collection of data organized in a manner which allows retrieval and use of
that data by anyone needing it. A database is organized and designed to allow a large
number of users to draw information from it for many different purposes in many
different formats. It tends to promote the sharing of information is used by more
managers. Most data bases reduce data redundancy, which makes updating easier and less
error prone and saves processing effort and storage space. When databases are created
fewer programs are required. Databases provide greater consistency in a database because
most data elements will now occur in only one place and reports using those data
elements must be based on that one source. Special purpose reports can be accelerated in
their preparation several fold. The system that upholds databases is known as DBMS
(Data base Management System).DBMS is a set of software that manages database files.
DBMS .There are various components of the database environment:

1) The data base files: Data base files have data elements stored in them Different
database have different ways of representing data physically on disk.
2) The Users: The users are any set of people who are getting an access to the
database at any given point in time to work on.
3) Data dictionary: This is the centralized depository of information in computerized
form about the data in the data base.
4) Report Generator: This provides routine job reports , documents and special
reports.
5) DBMS: A software to manage the data base.

Spreadsheet:
A table of values arranged in rows and columns. Each value can have a predefined
relationship to the other values. If you change one value, therefore, you may need to
change other values as well.
Spreadsheet applications (sometimes referred to simply as spreadsheets) are computer
programs that let you create and manipulate spreadsheets electronically. In a spreadsheet
application, each value sits in a cell. You can define what type of data is in each cell and
how different cells depend on one another. The relationships between cells are called
formulas, and the names of the cells are called labels.
Once you have defined the cells and the formulas for linking them together, you can enter
your data. You can then modify selected values to see how all the other values change
accordingly. This enables you to study various what-if scenarios.
A simple example of a useful spreadsheet application is one that calculates mortgage
payments for a house. You would define five cells:
 1. total cost of the house
 2. down payment
 3. mortgage rate
 4. mortgage term
 5. monthly payment
Once you had defined how these cells depend on one another, you could enter numbers
and play with various possibilities. For example, keeping all the other values the same,
you could see how different mortgage rates would affect your monthly payments.
There are a number of spreadsheet applications on the market, Lotus 1-2-3 and Excel
being among the most famous. The more powerful spreadsheet applications support
graphics features that enable you to produce charts and graphs from the data.
Most spreadsheet applications are multidimensional, meaning that you can link one
spreadsheet to another. A three-dimensional spreadsheet, for example, is like a stack of
spreadsheets all connected by formulas. A change made in one spreadsheet automatically
affects other spreadsheets.

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