The Advantage of Custom Software Is That It ____

question 7

Multiple Choice

The advantage of custom software is that it ____.

• A) matches a company's requirements exactly
• B) is less expensive and takes less time to design and implement than packaged software
• C) is mass produced, copyrighted, prewritten, and available for purchase
• D) all of the above

Know the appropriate actions for adjusting the Cash account when bank errors are identified.

Distinguish between recorded and unrecorded charges in bank reconciliations.

Grasp the correct procedures for recording various transactions in QBO, including bank deposits and expenses.

Recognize bank reconciliations as an effective internal control mechanism.

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Definitions:

Pay Plan

A structured compensation system for employees that outlines the wages, salaries, benefits, and incentives offered by an employer.

Skill-based Pay Plans

Compensation systems that determine employees' pay rates based on their skills, knowledge, or proficiency rather than job titles or positions.

Pay-for-skills

A compensation strategy where employees are paid based on the variety and depth of skills they bring to their role, rather than their job title alone.

Pay-for Knowledge

A compensation strategy that rewards employees for acquiring and applying knowledge and skills pertinent to their job.