Information Technology Systems Need Not Be Computerized

question 49

True/False

Information technology systems need not be computerized.

Understand the principles guiding revenue recognition and expense matching for reliable financial statements.

Calculate financial ratios, specifically profit margin, to analyze company financial performance.

Realize the importance and effect of making or omitting adjusting entries on financial statements.

Grasp the differences between accrual and cash basis accounting, and the importance of adjusting entries in the accrual basis.

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Definitions:

Asch

Refers to the Asch conformity experiments by Solomon Asch, which demonstrate the influence of group pressure on individual judgments.

Normative Influence

The influence of other people that leads us to conform in order to be liked and accepted by them, often guiding behavior and attitudes.

Social Pressure

The influence exerted by others, often peers, on individuals to change their thoughts, feelings, or behaviors to conform to group norms.

Dresses

Garments typically worn by women or girls that consist of a skirt with an attached bodice or a matching bodice giving the effect of a one-piece garment.