Technology and Accounting Tutorial Work, Lecture notes of Management Accounting

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3/7/25, 5:34 PM about:blank Tutorial 1 To start your background knowledge on this topic, make notes on the following questions: How do you think the pandemic has impacted the development and use of technology? In general, what are the benefits and challenges of the development of technology for use in business? Take notes on the Blockchain article and we will discuss the main points together Advantages of blockchain: Increased verifiability as blocks cannot be edited once they have been input into the chain. This helps auditors as they can save time contacting the bank and the business’ debtors and creditors to verify their respective balances. Disadvantages of blockchain: (Need for increased internal controls to make sure the blockchain is being used appropriately. O_Need to develop new and existing accounting standards to incorporate the use of blockchain, There may be a time lag between the occurrence of an event and when the transaction is recorded using blockchain meaning that there is a greater chance of duplication of transactions as two different parties may input the same transaction because they cannot see whether their counterparts have input the transaction already. 1 ‘Limit othe capacity of transactions that can be processed at one time, Benefits of automation of blockchain for reconciliations in businesses. The development of blockchain has greatly increased the level of automation in businesses and the main benefit of this is that it reduces the chance of human error during data entry as the numbers will be input accurately and numbers won't be mixed up due to the repetitive nature of the reconciliation task. However, it does rely on some manual activities to make sure the numbers are in the system in the first place. 1/2