Automated Technology Makes Cost Control Less Difficult for a Firm

question 27

True/False

Automated technology makes cost control less difficult for a firm.

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Definitions:

Bank Reconciliation

The process of matching the balances in an entity’s accounting records for a cash account to the corresponding information on a bank statement.

Cash Account

An account that tracks the amount of cash on hand, including currency, checks, and balances in bank accounts.

Accounts Receivable

Debts owed by clients to a firm for goods or services provided but not yet compensated for.

Sales Revenue

The overall amount of money a business earns through the sale of products or services, prior to deducting any costs.