One of the Advantages of a Computerized Accounting System Is

question 12

True/False

One of the advantages of a computerized accounting system is that the computerized system eliminates the need for internal controls.

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Definitions:

Fiscal Year

A fiscal year refers to a 12-month period utilized by businesses and governments for the purposes of financial reporting and budgeting, and it doesn't always align with the calendar year.

Depreciation

The process of allocating the cost of a tangible asset over its useful life, reflecting the decrease in value of the asset over time.

Balance Sheet

A financial report that offers a glimpse into a company's financial health at a given moment, breaking down the company's assets, debts, and owner's equity.

Equipment

Durable goods used in the operation of a business, not intended for sale, often contributing to the production of other goods or services.