xplain how REA database are able to support financial statement reporting when they do not employ journals and ledgers.
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Q: Reversing entries has a great impact in the preparation of financial statements. TRUE OR FALSE
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Explain how REA database are able to support financial statement reporting
when they do not employ journals and ledgers.
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- How does the integration of blockchain technology impact the fundamental principles of double-entry accounting and financial statement verification?Why are traditional accounting events such as recording a transaction in a journal or posting to ledgers not modeled in REA diagrams?What is blockchain technology? How might blockchain technology help to change accounting reporting, financial statement presentation or storage of accounting information? How would you assess the viability of blockchain technology?
- .Explain the concept of double-entry accounting and its significance in maintaining accurate financial records.describe accounting warning signs and methods for detecting manipulation of informationin fi nancial reports.Which of the following is false about accounting information systems? A. They provide reports that people analyze. B. They prevent errors and stop employees from stealing inventory. C. They are designed to gather data about the companys transactions. D. They consist of processes that involve input of data from source documents, processing, output, and storage.
- Big data is mined ________. A. to find business trends B. to record transactions C. as an alternative to creating an accounting information system D. as an alternative to the darknetInternal users of accounting information would not include _______________________. managers employees creditors officersExplain the concept of double-entry accounting, and discuss its importance in maintaining accurate financial records.
- Explain when and why the users of financial statements are not able to detect earnings management.Discuss the following: Discuss the financial errors you made or expected to make when using accounting softwares. Explain or suggest the reasons for the errors and how could you avoid them.Which of the following is not a function of an Accounting Information System? a.The efficient and effective collection and storage of data concerning an organization’s financial activities b.The supply of information useful for making decisions c.The determining and evaluating of alternative courses of action d.The implementation of controls to accurately record and process data.