Accountants Generally Do Not Have All of the Necessary Systems

question 5

Essay

Accountants generally do not have all of the necessary systems analyst and systems development skills needed to develop accounting information systems.What skills do accountants have that systems analysts do not have,particularly with respect to a financial reporting system?

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Definitions:

Unliquidated Debt

A debt that has not been determined or fixed in amount, often because it is subject to a legal dispute or requires a judgment to ascertain its value.

Accord And Satisfaction

A legal settlement where a debtor offers something different than originally agreed upon, and if accepted, the debt is considered settled.

Sufficient Consideration

The concept in contract law that something of value, which is mutually agreed upon by the parties involved, must be exchanged for a contract to be legally binding.

Illusory Agreement

A contract or agreement that appears to be binding but lacks the necessary elements to enforce it, often because terms are too vague or one party has the option not to perform.