Which of the Following Statements Is True

question 2

Multiple Choice

Which of the following statements is true?

• A)All accounting systems in use today are computerized systems.
• B)All accounting systems, whether computerized or not, must capture data, process the data, and provide outputs
• C)It is not necessary for an accounting system to maintain summary information if it maintains detail information.
• D)The general ledger will be summarized and then posted to the subsidiary ledger.

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Definitions:

Product Liability

The legal obligation of manufacturers and sellers to compensate for injuries caused by defective or dangerous products.

Manufacturer

A manufacturer is a person or company that makes goods for sale, often involving the transformation of raw materials into finished products through manual labor or machinery.

Loss

The state of being deprived of or of being without something that one has had or expected.

Garage Liability

Garage liability insurance provides coverage for bodily injury or property damage caused by an automotive business's operations or by vehicles owned or used by the business.