ICSE Class 9 Answered
Explain various system of manual accounting.
Asked by vishalkumargupta880802 | 17 Jan, 2019, 10:39: PM
Expert Answer
There are 2 basic types of accounting namely, manual and computerised system of accounting:
Manual System of Accounting: It is system of accounting where all the financial transactions are recorded manually without the use of any machine or software. Since, all the transactions are given effect manually using a paper and pen, this method is time consuming. Also, manual errors may affect the accuracy of the statements maintained because of which it is not completely reliable.
Computerised System of Accounting: This system of acocunting makes use of machines like laptop, computers, etc to record the financial transactions. ALso, to ease the preparation and presentation of accounts, various accounting softwares can be used like tally, taxman, etc. Since, this system uses machines and softwares, it is time effective and comparatively more reliable.
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