Month-End Postings to Control Accounts in a Computerized Accounting System

question 126

Multiple Choice

Month-end postings to control accounts in a computerized accounting system are not required because

• A) control accounts are not used in computerized systems
• B) transactions are posted to accounts immediately
• C) the input operator can choose to post to accounts at any time
• D) transactions are posted at the end of the financial year

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Definitions:

Obligor

A person who is bound by a promise or other obligation; a promisor.

Statute of Frauds

A legal doctrine requiring certain contracts to be documented in writing and officially signed, aimed at preventing fraudulent claims and enforcing agreements.

Oral Contract

An agreement between parties that is spoken and not written, yet is legally binding under certain conditions.

Indefinite Period

A time span without a specified end date.