In a computerized environment you learn about the relationship between Peachtree and the fundamental accounting principles and processes. Although many of the accounting processes are automated with Peachtree, the user still needs to know the accounting basics principles in order to fully utilize the system. In this regard, discuss the following:
•The accounting system is based on the accounting equation. Explain this accounting equation and describe its components. •Describe the concept of debit and credit. How are they used in accounting?
•Describe the numbering system used to number each account in computerized accounting.