The chart of accounts be a itemisation of any individual accounts included in the commonplace ledger. The chart of accounts is used to connect the general ledger rime with other(a) in arrive atation that pertains to it. This might include account names, coded account numbers that an accountant might assign to classify a work; it could also have a description of the account. The chart of accounts is what defines the general ledger. The chart accounts are organized in a supererogatory order, normally the balance sheet accounts go first hence income statement accounts.
·         Why are internal controls and audit trails cardinal in a data processorized accounting system?
Internal controls are important in a information processing systemized accounting system because computer sometimes crash and they information is lost. Computers should have some form of operating system where the information is backed up either day or periodically. This is done so the information is unceasingly avail satisfactory or restored accurately regardless of a computer crash.
This information should be done and the backup should non be kept in the same office just in case of a fire or other incident. every computers used in the accounting should have passwords that are not easy for others to remember. Audit trails are important in a computerized accounting because they should be easily traced from all transactions. They should be able to be traced from the original source of entry into the system from all system processing. Audit trails should also be able to get a line who did the transactions. This is important so the will be no credential violations in the system. Audit trails will give the auditor a valuable way to obtain information about the operation done on the computer system.If you want to get a full essay, order it on our website: Ordercustompaper.com
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