4. Processing methods a.are the means by which the accounting system collects, summarizes, and reports accounting information b.are the policies and procedures that protect assets from misuse c.ensure that business laws and regulations are followed d.must be computerized

4. Processing methods a.are the means by which the accounting system collects, summarizes, and reports accounting information b.are the policies and procedures that protect assets from misuse c.ensure that business laws and regulations are followed d.must be computerized

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter3: Internal Control Over Financial Reporting: Responsibilities Of Management And The External Auditor

Section: Chapter Questions

Problem 21CYBK

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Concept explainers

Computerized Accounting System

The Computerized Accounting System is generally a system of maintaining accounts using computers. In this method of accounting system, the accounting transactions are processed through the use of hardware and software to generate the reports such as journals, ledgers, trial balance, trading account, P/L accounts, balance and other reports.

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Processing methods

a.are the means by which the accounting system collects, summarizes, and reports accounting information

b.are the policies and procedures that protect assets from misuse

c.ensure that business laws and regulations are followed

d.must be computerized

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