Accounting terminologies including terms Used in Computerised Accounting
Accounting terminology is the language used by accounting professionals such as income, expenses, assets and liabilities, etc. A computerised accounting system is a platform that processes financial transactions and events according to the GAAP (Generally Accepted Accounting Principles) a set of accounting rules, standards, and procedures prescribed by the Institute of Chartered Accountants of India,…
Read article Difference between Computerised and Manual Accounting
The process in which the accounts are handwritten on the paper-based register in the form of ledgers, subsidiary books, and journals to record the financial transactions is called Manual Accounting. The process in which the financial accounts are systematically accounted through specially developed computer accounting software. The following are the differences between a computerized accounting…
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Features of a Computerized Accounting System
A computerized accounting system is a software application that automates financial records and reporting processes to make them faster, more accurate, and easier to manage. It reduces the manual entry of data, eliminates redundant operations, and reduces accounting error risk with built-in controls. The main features of a computerized accounting system are; Updates: In a…
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What is the meaning of computerized accounting?
As the name says ‘computerised accounting’ is the use of computers, software, and hardware to process financial transactions and events and produce accounting reports: A computerized accounting system (CAS) automates financial records and reporting processes of financial transactions and events and produce reports based on user requirements. The process of financial transactions done through…
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Supreme Court overrules capping of Credit card charges
The Supreme Court today overruled a 2008 decision by the National Consumer Disputes Redressal Commission (NCDRC) that capped the interest rate banks could charge on late credit card bill payments at 30% per annum, bringing relief to banks. The National Consumer Court had in 2008 restrained banks from charging interest rates over 30% per annum…
Preparation and Presentation of Financial Statements of Banks
The Bank’s financial statements are prepared under the historical cost convention, on the accrual basis of accounting on a going concern basis, unless otherwise stated, and conform in all material aspects to Generally Accepted Accounting Principles (GAAP) in India, which comprise applicable statutory provisions, regulatory norms/guidelines prescribed by the Reserve Bank of India (RBI), Banking…
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