Computers have greatly facilitated a business's ability to quickly process huge amounts of information without making mathematical errors. Posting entries, journalizing entries, and summarizing accounts into a trial balance can be automated by computers—but those machines can't think. Organizing and analyzing these entries is your job.
- Individuals often ask, … do I really need to know the difference … between a debit and a credit? … Haven't computers kind of taken care of all that? … Well, computers have greatly facilitated … a business's ability to quickly process huge amounts … of information without making mathematical errors. … Most computers can make millions … of calculations per second … and produce more documents in 10 minutes … that a person could do in an entire week. … The time spent posting … and journalizing entries … and summarizing accounts into a trial balance … has been greatly reduced as a result … of computers but computers still can't think. … That it turns out, that's your job. … Walk up to a computer terminal … and show it a sales invoice … and the computer will just sit there and wait. … Wait for what? … For the answer to three questions. … What accounts are involved? … Did the accounts increase or decrease? … And by how much did each account change? … Let's consider how one … of the bestselling money management software packages, …
- Reviewing financial statements
- Analyzing transactions
- Categorizing transactions
- Obtaining financing and buying equipment
- How revenue and expenses fit in the accounting equation
- Recording the sale of goods or services
- Posting journal entries to accounts
- The accounting cycle: step by step
Skill Level Beginner
1. Review of the Financial Statements
2. Fours Steps in the Bookkeeping Process
3. How Transactions Affect the Accounting Equation
4. The General Ledger
5. Illustration of the First Three Steps in the Accounting Cycle
The role of computers3m 44s
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