Computerized Accounting Systems and Principles is a generic term that can be used to describe any accounting system that uses computers in the process. The most popular computerized accounting systems are those which follow Generally Accepted Accounting Principles (GAAP).

These principles have been developed over many decades, and are designed to give reliable information about financial transactions from an entity’s point of view. GAAP defines what data should be recorded in the books, how it should be processed, and how it should ultimately affect a company’s financial statements.

Computerized Accounting Systems and Principles are designed to:

Accounting System – A computerised accounting system is an accounting information system that processes the financial transactions and events as per Generally Accepted Accounting Princiles (GAAP) to produce reports as per user requirements. First, it has to work under a set of well-defined concepts called accounting principles.

Computerized Accounting Systems and Principles – The most popular computerized accounting systems are those which follow Generally Accepted Accounting Principles (GAAP).

These principles have been developed over many decades, and are designed to give reliable information about financial transactions from an entity’s point of view.