ASSIGNMENT ON COMPUTER PACKAGES

(COM 212)

Accounting packages, also known as accounting software or accounting systems, are computer programs
designed to manage and streamline financial processes within a business or organization. These
packages provide various tools and features to help businesses keep track of their financial transactions,
generate reports, and maintain accurate records.

Accounting packages typically include modules for functions such as:

1. General Ledger: This module manages the overall financial records of the organization, including
recording transactions, posting journal entries, and generating financial statements.

2. Accounts Payable: This module tracks all outgoing payments to vendors or suppliers and manages the
accounts payable process, including invoice processing, payment scheduling, and vendor management.

3. Accounts Receivable: This module tracks all incoming payments from customers or clients and
manages the accounts receivable process, including creating invoices/credit notes, tracking customer
payments, and managing overdue accounts.

4. Inventory Management: This module helps businesses track inventory levels, manage stock
movements (purchases/sales), calculate cost of goods sold (COGS), perform stock reconciliations, and
generate inventory reports.

5. Bank Reconciliation: This module automates the process of reconciling bank statements with
recorded transactions in the accounting system to ensure accuracy and detect any discrepancies.

6. Payroll Management: Some accounting packages offer payroll functionality to handle employee
compensation calculations (salary/wages), tax deductions/withholdings, benefits administration,and
generating pay stubs/salary slips.

7. Financial Reporting: Accounting packages provide a range of built-in reports such as balance
sheets,income statements,cash flow statements,and trial balances.Users can also customize these
reports based on their specific requirements.

8. Budgeting/Forecasting: Some advanced accounting packages include budgeting tools that allow users
to create budgets for different periods,facilitate budget approval workflows,and compare actual
performance against budgeted figures.They may also offer forecasting capabilities based on historical
data trends.

Accounting packages can be installed locally on a computer/server or accessed via cloud-based

systems.In recent years,the trend has shifted towards cloud-based solutions due to their accessibility,
collaboration features, and automatic updates. Cloud-based solutions also eliminate the need for local
infrastructure maintenance, such as backups or software upgrades

There are several popular accounting packages used by businesses. Some of the most commonly used
ones include QuickBooks, Xero, Sage Intact, and Zoho Books.

QuickBooks: QuickBooks is comprehensive accounting software designed for small and medium-sized
businesses. It offers features such as invoicing, expense tracking, inventory management, payroll
processing, financial reporting, and more. Users can easily input their financial data into the software or
connect it to their bank accounts for automatic synchronization. QuickBooks also allows users to
generate various financial reports and provides tools for budgeting and tax preparation.

Xero: Xero is a cloud-based accounting software that offers similar features to QuickBooks but with a
more user-friendly interface. It allows users to manage invoicing, bank reconciliation, expenses,
inventory tracking, payroll processing (in some countries), and other financial tasks. Xero integrates with
various third-party applications to enhance functionality and streamline workflows.

Sage Intact: Sage Intact is an advanced cloud-based accounting solution aimed at mid-sized businesses.
It offers robust financial management capabilities including general ledger management, accounts
payable/receivable management, budgeting/planning tools, project accounting, revenue recognition
automation, multi-currency support,and more. Sage Intacct provides real-time visibility into financial
data and supports complex reporting requirements.

Zoho Books: Zoho Books is an intuitive online accounting software suitable for small businesses. It helps
users manage their finances by offering features such as invoicing/estimates creation, expense
tracking/bill payment

Question 2
WordStar is a word processing software package that was widely used in the
1970s and 1980s. It was developed by Seymour Rubinstein and released by
MicroPro International in 1979. WordStar quickly became one of the most
popular word processing programs during that time, especially for CP/M-based
computers.

WordStar's design was focused on simplicity, efficiency, and keyboard shortcuts,

which made it highly suitable for users who preferred typing commands rather
than navigating menus using a mouse or graphical user interface. The software
utilized a text-based interface with a command line at the bottom of the screen.
Some key features of WordStar included:

1. Document Creation: Users could create and edit text documents using various
formatting options such as bold, underline, italics, indentations, bullet points,and
more.

2. Keyboard Shortcuts: WordStar heavily relied on keyboard shortcuts to perform

various tasks.Users could execute commands by pressing specific key
combinations instead of navigating through menus or using a mouse.This allowed
users to work quickly and efficiently.

3. Macros: WordStar had a powerful macro feature that allowed users to record
sequences of commands.The macros could be saved and replayed to automate
repetitive tasks,saving time and effort.

4. Mail Merge: The software had a mail merge feature that allowed users to
create personalized letters or documents by merging data from external sources
(e.g., spreadsheets or databases) into pre-designed templates.

5.Spelling/Grammar Checking: WordStar provided basic spelling checking

capabilities to help detect spelling errors in documents.It did not have advanced
grammar checking features like modern word processors do today.

6.Printing: WordStar supported printing capabilities.Users could print their

documents directly from the software onto printers connected to their computer
systems.They could also customize page layouts(using
headers/footers,margins,and page numbers)before printing.

7.File Compatibility: WordStar supported various file formats such as its own
proprietary format(.WS),as well as ASCII and RTF formats.This facilitated
compatibility with other word processing programs at that time for sharing files
across different systems.

Although WordStar was highly popular during its peak years,it eventually faced
stiff competition from newer word processing packages like Microsoft
Word.These newer packages offered enhanced features,a graphical user
interface,and better compatibility with emerging operating systems like
Windows.As a result,the popularity of WordStar declined over time,but it still
holds nostalgic value for many long-time computer users

Question 3

An audit accounting package is a software solution specifically designed to assist

auditors in performing their tasks effectively and efficiently. It provides tools and
functionalities that streamline the audit process, improve accuracy, and ensure
compliance with auditing standards.

Here are some key features commonly found in an audit accounting package:

1. Audit Planning: The software helps auditors plan their engagements by

providing templates and checklists for documenting the scope, objectives, and
methodology of the audit. It may also assist in assigning resources and setting
timelines.

2. Risk Assessment: The package assists auditors in identifying potential risks

within an organization's financial statements or operational processes. It may
include tools for risk analysis, risk mapping, and scoring systems to prioritize areas
requiring more attention during the audit.

3. Documentation Management: An audit accounting package offers a centralized

repository for storing all relevant documents related to an audit engagement. This
can include client information, workpapers, evidence collected during fieldwork,
management representations,and communication with stakeholders.

4.Testing & Sampling: The software allows auditors to design testing procedures
specific to each engagement. It often includes pre-built templates for different
types of tests such as analytical procedures,sampling,stratification,and
substantive testing.It may also provide statistical analysis tools to evaluate sample
results.

5.Workflow Management: Audit packages typically offer workflow management

capabilities that allow teams to collaborate effectively on audits.Users can assign
tasks,set deadlines,and track progress throughout the engagement.This ensures
that everyone is working towards completing objectives on time.

6.Data Analysis: Many modern audit accounting packages integrate data analytics
capabilities.These tools enable auditors to analyze large volumes of data quickly
using techniques like trend analysis,mapping,duplication detection,outlier
identification,and more.Data visualization features may also be included to help
interpret results easily.

7.Issue Tracking & Reporting: The software facilitates tracking of identified issues
or findings during the course of an audit.Auditors can assign
actions,responsibilities,statuses,and due dates.They can generate reports
highlighting significant issues or deficiencies identified during fieldwork.These
reports often follow standardized formats required by regulatory bodies or
internal policies.

8.Auditor Independence & Security Measures:Audit accounting packages often

incorporate security measures that restrict access based on roles,user
permissions,and encryption mechanisms.This helps maintain
confidentiality,integrity,and availability of sensitive client data.It also aids in
ensuring auditor independence by preventing unauthorized access or
manipulation of information.

9.Compliance Frameworks:Integration with auditing frameworks or standards

(e.g., International Standards on Auditing) is common in these packages.They
provide guidance,references,tools,to help auditors comply with professional
requirements.This includes compliance checks against predefined rules or criteria
set forth by regulatory bodies or industry-specific regulations/standards.

10.Auditor's Opinion Generation:The software supports generating final reports

including auditor's opinion letters,certifications,suggested
improvements,responses from management.As well as facilitating digital
signatures and archiving documents electronically.The generated reports are
typically template-driven but customizable based on user preferences.

Overall,the goal of an audit accounting package is to enhance efficiency,increase

accuracy,minimize risk,maximize productivity,and standardize practices within an
auditing firm