Comparison Of The Steps Of An Accounting Cycle Under The Manual System and Under The Computerized System

November 18th, 2007 Comments off
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Steps In Accounting Cycle

Manual System

Computerized System

1

Analyze source documents

Manual

Manual

 

2

Record transactions in journal

 

Manual

Manual data entry includes manual electronic coding

3

Post to Ledger accounts

Manual

Automatic

4

Prepare Unadjusted Trial Balance

Manual

Automatic

5

Journalize adjusting entries

Manual

Manual

6

Post adjusting entries

Manual

Automatic

7

Prepare adjusted Trial Balance

Manual

Automatic

8

Journalize closing entries

Manual

Automatic

9

Post closing entries

Manual

Automatic

10

Prepare post-closing Trial Balance

Manual

Automatic

11

Prepare financial statements

Manual

Automatic

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