Manual accounting system is a system in which someone performs each of the steps in the accounting cycle by hand.
For example, someone manually enters each accounting transaction in the journal and manually posts each to the ledger. Other manual computations must be made to obtain ledger account balances and to prepare a trial balance and financial statements.
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Manufacturing consists of activities and process that convert raw materials into finished goods. Contrast this type of operation with merchandising...
Under the straight-line method, companies expense the same amount of depreciation for each year of the asset’s useful life. It is measured solely by the passage of time.
- Modified rebuy
Modified rebuy refers to a business buying situation in which the buyer wants to modify product specifications, prices, terms, or suppliers.
- Internal check
Internal check is a method of organizing the accounts system of a business concern or factory where the duties of different clerks are
- Efficient Auditing
Efficient Auditing is generally conducted in case of public enterprises to see whether the return on the capital outlay justifies the existence
- Consigned goods
Consigned goods referred as goods that held for sale by one party (the consignee) although ownership of the goods is retained by another party (the consignor).
- The standard manufacturing rate
The Standard manufacturing overhead rate per unit is the predetermined overhead rate times the activity index quantity standard.