An Information System Is an Integrated Solution That Combines Five

question 30

Short Answer

An information system is an integrated solution that combines five components: ware, software, data, _____, and the people who interact with and are impacted by the system.

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Definitions:

Allocate Prepaid Insurance

involves distributing the cost of insurance premiums over the period that the insurance coverage relates to, recognizing it as an expense over time rather than all at once.

Accrue Salaries Payable

Accrue Salaries Payable involves recording the salaries earned by employees that have not yet been paid, recognizing the liability before the cash is disbursed.

Closing Entry

Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts, thus preparing the books for the next period.