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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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