Computerized Accounting Systems

question 56

Multiple Choice

Computerized accounting systems:

• A) offer more room for errors
• B) typically offer only two types of reporting options
• C) automatically update records as information is entered into the system
• D) are more expensive for the practice than manual systems in the long run

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Definitions:

Endorser

A person who signs a document (usually on its back) transferring their rights to another person.

Negotiable Instruments

Financial documents that guarantee the payment of a specific amount of money, either on-demand or at a set time, with the payer's name written on it.

Federal Parliament

The supreme legislative body in a federal system, usually consisting of two houses, that makes and passes laws.

Constitution

The basis upon which a state is organized, and the powers of its government defined.