Information Technology in Accounting | Jamb(UTME) Principles of Accounts
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We have the best interest of UTME candidate at heart that is why poscholars team pooled out resources, exerted
effort and invested time to ensure you are adequately prepared before you write the exam. Can you imagine an online platform where
you can have access to key points and summaries in every topic in the Jamb utme syllabus for Principles of Accounts?
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In this post, we have enumerated a good number of points from the topic Information Technology in Accounting which was extracted
from the Jamb syllabus. I would advice you pay attention to each of the point knowing and understanding them by heart.
Happy learning.
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Information Technology in Accounting
- IT enhances accuracy in accounting records.
- IT enables real-time financial reporting.
- IT improves data storage and retrieval.
- Accounting software automates repetitive tasks.
- Cloud computing offers remote access to accounting data.
- IT facilitates integration with banking systems.
- IT supports data analytics for decision-making.
- Cybersecurity protects sensitive financial data.
- IT enables e-invoicing and electronic payments.
- IT reduces reliance on paper records.
- IT assists in regulatory compliance.
- Automation minimizes human error.
- IT speeds up financial audits.
- IT supports multi-user access to accounting systems.
- IT enables backup and disaster recovery.
- IT enhances transparency in financial management.
- IT simplifies tax filing processes.
- IT allows integration with inventory systems.
- IT supports payroll management.
- IT enables encrypted financial communications.
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Manual and Computerized Accounting Processing System
- Manual system uses physical ledgers and journals.
- Computerized system uses accounting software.
- Manual system relies on human calculations.
- Computerized system automates computations.
- Manual system is time-consuming.
- Computerized system saves time.
- Manual system is prone to errors.
- Computerized system improves accuracy.
- Manual system requires physical storage space.
- Computerized system stores data electronically.
- Manual entries must be cross-checked.
- Computerized system performs auto-reconciliation.
- Manual system requires manual backup methods.
- Computerized system enables automated backups.
- Manual system has limited scalability.
- Computerized system supports business growth.
- Manual system provides a tangible audit trail.
- Computerized system generates digital audit trails.
- Manual system incurs lower initial costs.
- Computerized system requires upfront investment.
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Procedures Involved in Data Processing
- Data collection from source documents.
- Data entry into the system.
- Data validation for accuracy.
- Data classification for relevance.
- Data sorting based on criteria.
- Data processing using algorithms.
- Data storage in appropriate media.
- Data retrieval for analysis.
- Data updating to reflect changes.
- Data summarization for reporting.
- Data verification for completeness.
- Data presentation in reports.
- Data security measures implementation.
- Data backup creation.
- Data recovery planning.
- Data archiving for future reference.
- Data encryption for protection.
- Data integration from multiple sources.
- Data cleansing to remove errors.
- Data transmission between systems.
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Computer Hardware and Software
- Hardware includes physical computer components.
- Software comprises programs that run on hardware.
- Hardware includes input devices like keyboards.
- Software includes accounting applications.
- Hardware includes output devices like printers.
- Software includes operating systems.
- Hardware includes storage devices like hard drives.
- Software includes data processing programs.
- Hardware includes communication devices like modems.
- Software includes database management systems.
- Hardware provides the platform for software.
- Software directs hardware operations.
- Hardware includes memory units like RAM.
- Software includes antivirus programs.
- Hardware includes central processing units (CPU).
- Software provides user interfaces.
- Hardware enables data input/output.
- Software processes and manages data.
- Hardware without software is non-functional.
- Software requires compatible hardware to run.
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Advantages of Manual Accounting System
- Easy to understand for beginners.
- Lower setup costs.
- No risk of cyber-attacks.
- Suitable for small businesses.
- Provides physical records.
- Simple troubleshooting process.
- No dependence on electricity.
- Flexible recording formats.
- No software updates required.
- Promotes better understanding of accounting principles.
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Disadvantages of Manual Accounting System
- Time-consuming process.
- High risk of human errors.
- Difficulty in handling large data volumes.
- Limited reporting capabilities.
- Inefficient for multi-user access.
- Tedious data correction process.
- Higher risk of data loss (physical damage).
- Labor-intensive bookkeeping.
- Slower audit process.
- Difficult to maintain historical data.
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Advantages of Computerized Accounting System
- Speeds up accounting processes.
- Reduces human errors.
- Facilitates quick report generation.
- Improves data security.
- Supports real-time financial updates.
- Enables integration with other systems.
- Simplifies compliance reporting.
- Facilitates backup and recovery.
- Enhances scalability for growing businesses.
- Allows remote access to data.
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Disadvantages of Computerized Accounting System
- High initial setup cost.
- Dependence on electricity.
- Vulnerability to cyber-attacks.
- Risk of system failures.
- Requires regular software updates.
- Need for employee training.
- Possible data loss without backup.
- Complexity for small businesses.
- Compatibility issues with other systems.
- High maintenance costs.
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Differentiation between Manual and Computerized Accounting System
- Manual relies on physical records; computerized uses digital.
- Manual is slower; computerized is faster.
- Manual involves manual calculations; computerized automates them.
- Manual has a higher error rate; computerized reduces errors.
- Manual is cost-effective for small scale; computerized suits large scale.
- Manual lacks real-time reporting; computerized offers it.
- Manual requires physical storage; computerized uses cloud/servers.
- Manual requires manual updates; computerized automates updates.
- Manual provides tangible records; computerized offers digital trails.
- Manual depends on human skill; computerized depends on system efficiency.
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Components of a Computer and Their Relationships
- CPU processes data and instructions.
- RAM temporarily stores data in use.
- Hard drive stores data permanently.
- Monitor displays processed data.
- Keyboard inputs data into the system.
- Mouse controls cursor movement.
- Printer produces hard copies of data.
- Motherboard connects all components.
- Power supply provides electrical energy.
- Network card enables internet connectivity.
- Operating system manages hardware and software.
- Application software performs specific tasks.
- Input devices feed data to CPU.
- CPU communicates with memory for processing.
- Output devices display processed data.
- Storage devices retain data long-term.
- Software instructs hardware on operations.
- Hardware hosts software applications.
- Data buses transfer data within components.
- Backup devices protect against data loss.
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Recap of Procedures in Data Processing (Additional Specific Points)
- Capturing raw data from transactions.
- Coding data for easy identification.
- Transmitting data securely.
- Processing data into useful information.
- Storing processed information.
- Retrieving data on demand.
- Verifying processed information.
- Reporting outcomes to stakeholders.
- Archiving historical records.
- Protecting data integrity during processing.
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- Jamb Principles of Accounts - Key Points and Summaries on 'Information Technology in Accounting' for UTME Candidates
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