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Assignment 2

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Leiann Mutangiri
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81 views

Assignment 2

Uploaded by

Leiann Mutangiri
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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FACULTY OF COMMERCE

DEPARTMENT OF ACCOUNTING & AUDITING

BACC324 ACCOUNTING IN A COMPUTERISED ENVIRONMENT

ASSIGNMENT 2
AUGUST- DECEMBER 2024

Instructions
1. All assignments must be typed using New Times Roman font size 12, 1.5-line
spacing, justified both sides, include a standardized cover page and uploaded in PDF
FORMAT.
2. It is the responsibility of the student to upload their assignments in time to avoid
inconveniences due to internet failure, system failure, power outages, or any other
unforeseen circumstances. NO submission extensions will be granted by the
Department after the deadline.
3. All queries for this assignment must be directed to the Course Leader whose contact
details are on the List of Course Leaders available on MyVista.

4. Referencing should be in strict accordance with the 6th Edition APA Guidelines.
TAKE NOTE that plagiarism is a serious academic offence, and you will be
penalised for it.

5. Credit will be given for well-written and referenced assignments. Please refer to the
Tutorial Letter and other resources for more information on academic writing.

QUESTION 1

Case Scenario: Transition to Computerized Financial Accounting at FML


Ltd.

Background:

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FML Ltd., a mid-sized retail company, has recently implemented a computerized accounting
system to replace its manual bookkeeping process. The new system will handle data entry for
financial transactions, manage journal entries, ledgers, and trial balances, and support various
types of transactions including sales, purchases, and expenses. The accounting team is in the
process of familiarizing itself with the new system and ensuring accurate data entry and
financial reporting.

Scenario Details:

1. Data Entry Techniques for Financial Transactions


o Description: The accounting team at FML Ltd. needs to enter various
financial transactions into the new computerized system. This involves
inputting data such as invoices, receipts, and expense reports.
2. Utilizing Software for Journal Entries, Ledgers, and Trial Balances
o Description: The system requires the team to record journal entries, update
ledgers, and generate trial balances to ensure accuracy and compliance with
accounting standards.
3. Handling Different Types of Transactions
o Description: The team must accurately process different types of transactions,
including sales transactions (invoices and receipts), purchase transactions
(supplier invoices and payments), and expense transactions (employee
reimbursements and utility bills).

Required: Answer the following questions basing on the above scenario.

a) What are the best practices for data entry of financial transactions in a computerized
accounting environment? [5 marks]
b) How should journal entries be recorded in the computerized accounting system at
FML Ltd.? [5 marks]
c) What steps should be taken to update ledgers in the computerized accounting system?
[5 marks]
d) How should different types of transactions (sales, purchases, expenses) be handled in
the computerized accounting system? [5 marks]
e) What are the advantages of using a computerized accounting system for managing
journal entries, ledgers, and trial balances? [5 marks]

QUESTION 2

c) What challenges might arise during the transition from manual to computerized
accounting, and how can they be addressed? [13 marks]

b) What are the main benefits of using computerized accounting systems for financial
reporting? [12 marks]

QUESTION 3

Three popular accounting software options are QuickBooks, Xero, and Sage. Give a detailed
overview of the features of each of these accounting software. [25 marks]

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