How Are the Accounting Tasks Once Performed by Bookkeepers Now

question 84

Multiple Choice

How are the accounting tasks once performed by bookkeepers now significantly different?

• A)Societal changes affect what shareholders and other stakeholders want from a firm. Bookkeepers used to advise government on tax changes.
• B)Escalating fraud has resulted from bookkeepers' unethical acts. Bookkeepers' responsibility for estimating the time spent on doing taxes is now done by formula.
• C)Computers now perform routine tasks that were formerly performed by bookkeepers.
• D)Government requirements of more detailed recording of corporate write-offs have substantially changed recording requirements.

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Definitions:

Contingent Liabilities

Responsibilities that may arise based on the outcome of a future event.

Financial Statements

Documents that provide an overview of the financial condition of an entity including its assets, liabilities, revenues, and expenses over a particular period.

Settlement

The conclusion of a transaction or the resolution of a claim or dispute, usually involving the transfer of funds or assets.