ACC 250 Week 2 DQ 1 -
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You have just completed training for your new position in a large accounting firm. The trainer has just covered the difference between manual accounting and computerized accounting. What questions do you have regarding the differences? What are the advantages of computerized accounting versus manual accounting?
Does retained earnings account replace the Income Summary accounts used to close temporary accounts at year’s end?
If you don’t use a worksheet in computerized accounting, how do you “see” if you made all the correct entries and check the unadjusted and adjusted balance before the financial statements are prepared?
How can your records be accurate monthly the temporary accounts remain open?