Answer the below statements by stating (True or False) only. a. An accounting information system should be cost effective; that is, the benefits of the information must outweigh the cost of providing it. b. An accounting system has flexibility if it is able to be used by many different companies at the same time. c. General ledger accounting systems are software programs that integrate the various accounting functions related to sales, purchases, cash receipts and disbursements, and раyroll. d. Enterprise resource planning systems integrate all aspects of the organization, including accounting, sales, human resource management, and manufacturing. e. Special journals are used to record unique transactions which do not occur very often. f. A cash receipts journal can be used to record all transactions involving cash coming into the business, regardless of the source. g. The cash payments journal only has one column because all entries recorded in this journal require a credit to the Cash account. h. A cash payments journal should not be used to record transactions which require paymentt by .check

Answer the below statements by stating (True or False) only. a. An accounting information system should be cost effective; that is, the benefits of the information must outweigh the cost of providing it. b. An accounting system has flexibility if it is able to be used by many different companies at the same time. c. General ledger accounting systems are software programs that integrate the various accounting functions related to sales, purchases, cash receipts and disbursements, and раyroll. d. Enterprise resource planning systems integrate all aspects of the organization, including accounting, sales, human resource management, and manufacturing. e. Special journals are used to record unique transactions which do not occur very often. f. A cash receipts journal can be used to record all transactions involving cash coming into the business, regardless of the source. g. The cash payments journal only has one column because all entries recorded in this journal require a credit to the Cash account. h. A cash payments journal should not be used to record transactions which require paymentt by .check

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter9: Auditing The Revenue Cycle.

Section: Chapter Questions

Problem 4CYBK

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Similar questions

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What is the relationship between Accounting and an Accountinginformation system? • What has happened to the relationship over the years? • What is accounting information? • Name 4 uses of Accounting Information? • Use an example to illustrate the difference between data,information, and intelligence? • Discuss security concerns related to shadow data and businessintelligence technologies. • Discuss the role of accounting professionals in thedevelopment of shadow data. System Documentation • What is system documentation? • Why is it important to know system documentation? • Explain the 4 elements that makes up the Data Flow Diagrams? • Give an example of who or when one of these documents may berequired • What are Flowcharts? • List an example of an Input/output, processing and storage Symbols • Differentiate between different types of Flowchart? • If you were a new factory employee on your first day at a vastfactory, indicate which level Flowcharts would be required and •…