The Accounting Machine reads from the punched cards the factors for calculation,
and the codes that instruct the machines about calculations to be made. The factors are
introduced into counters of the several machines, and calculations are made according to the coded instructions. The storage unit makes possible the holding of figures until they are needed in calculations. Upon completion of the calculations, results may be printed on a report by the Accounting Machine, as well as punched into a card by the punch unit of the calculating punch.

Typical uses of card-programmed calculating are preparation of payrolls, general ledger accounting, actuarial studies and statistics, and other business calculations. The CPC is also used in many engineering and scientific calculations.

Copied from the IBM manual, IBM Accounting - Machine Functions, 1954.