Please make it original in your words. Each part require 150 words only please. 450 in...

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Accounting

Please make it original in your words. Each part require150 words only please. 450 in total.
·         As aprofessional accountant, how would the process for completing thepractice set assignment (a manual accounting process) be used in anaccounting department. Explain how communication, teamwork, timemanagement and interpersonal skills play a role in completing thisprocess within an accounting department?
·         When (why)would you use this system rather than an automated accountingsystem?
·         What are thebenefits and limitations of each type of system (manual vscomputer)?

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Q As a professional accountant how would the process for completing the practice set assignment a manual accounting process be used in an accounting department Explain how communication teamwork time management and interpersonal skills play a role in completing this process within an accounting department Answer Every company applies accounting because it is generally accepted that companies have to reveal certain financial and management information to the government and public users and also used as tool in business decisionmaking process Every transaction must be recognized classified and documented The transactions are recorded in appropriate journals affected accounts titles debit and credit of each affected account and explanation specified in the journal record The above procedure is used for each transaction All the journal records must be posted to the ledger on a periodic basis and classified In addition there is a subsidiary ledger can be used Manual accounting cycle includes the following steps journalizing the transactions posting them to ledger accounts preparing trial balance making adjustment entries preparing adjusted to endofperiod trial balance preparing financial statements and appropriate disclosures journalizing and posting the closing entries and preparing afterclosing trial balance at last At the end of accounting period with the help of See Answer

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Please make it original in your words. Each part require 150 words only please. 450 in...

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Accounting

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