When Transactions Are Posted in a Computerized Accounting System

question 17

Multiple Choice

When transactions are posted in a computerized accounting system:

• A)The user must post all transactions awaiting in the module.
• B)Segregation of duties is not a factor.
• C)The user can select which batches of transactions to post.
• D)Anyone with general ledger access can post the transactions.

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Definitions:

Borrowed Money

Funds that have been loaned to an entity and must be repaid to the lender, often with interest, at a future date.

Balance Sheet Equation

The fundamental accounting equation representing the relationship between an entity's assets, liabilities, and equity (Assets = Liabilities + Equity).

Investing Activities

Financial transactions related to the acquisition or sale of long-term assets and other investments.

Cash Flow

The net amount of cash being transferred into and out of a business, considered in terms of operating, investing, and financing activities.