(6)Discuss Accounting Flow process in detail.

Answer: Following diagram describes accounting flow process:

• Out of above 7 steps, first 2 steps (i.e. transactions and voucher entry) require human intervention. However there can be few instances where voucher entry may be automated and can be performed through system.
• Remaining five steps are mechanical steps and can be performed by software with high speed and accuracy.
• Also, last five steps, (i.e. Posting, Balancing, Trial Balance, Profit & Loss Account and Balance Sheet preparation) requires huge amount of time and efforts, if performed manually.