Most Entrepreneurs Need to Hire Custom Programmers to Write Accounting

question 61

True/False

Most entrepreneurs need to hire custom programmers to write accounting programs.

Understand the concept and utility of Electronic Funds Transfer (EFT) in business transactions.

Grasp the purpose, process, and benefits of bank reconciliation for businesses.

Learn the structure and significance of a bank statement in tracking company finances.

Identify and utilize financial documentation (invoices, vouchers, remittance advice) for managing liabilities and transactions.

---

Definitions:

Managerial Responsibility

The accountability of managers to make decisions and oversee a company's operations to meet its goals.

Cost Controllability

The ability of a manager or business to influence or manage the costs associated with business operations.

Cost Incurrence

The moment when a company or individual recognizes a financial obligation or expense through the receipt of goods or services.

Responsibility Level

An organizational unit or position that has a specific set of duties and responsibilities for which they are accountable.