Internal Control in Technologically Advanced Accounting Systems Depends More on the Design

question 93

True/False

Internal control in technologically advanced accounting systems depends more on the design and operation of the information system and less on the analysis of its resulting documents.

---

Definitions:

Interest

The cost of borrowing money, typically expressed as an annual percentage of the loan amount, or the income earned on deposited funds.

Simple Interest Rate

An interest rate calculation method that is based solely on the original principal amount and does not factor in compounded interest.

Loan

A sum of money that is borrowed, often from a financial institution, which is expected to be paid back with interest.

Interest

The payment required for obtaining the service of borrowing funds, typically denoted as a yearly percentage rate.