A Centralized Approach to Information Systems Allows for Greater Flexibility

question 156

True/False

A centralized approach to information systems allows for greater flexibility, allowing each functional unit or department to customize information systems to their particular needs.

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Definitions:

Proprietorships

A type of business entity that is owned and run by one individual with no legal distinction between the owner and the business.

Partnerships

Partnerships indicate a legal form of business operation between two or more individuals who share management and profits.

Corporations

Legal entities that are separate from their owners, offering limited liability to shareholders, and having the ability to own property, sue, or be sued.

Cost Principle

An accounting principle that states assets should be recorded at their cost at the time of purchase, not at their current value.