In Regards to a Company Using a Computerized Accounting System,which

question 162

Multiple Choice

In regards to a company using a computerized accounting system,which of the following statements is incorrect?

• A) Closing entries are completed in a matter of seconds.
• B) The accountant must manually prepare the closing entries.
• C) The software identifies the temporary accounts.
• D) The Owner, Capital account balance is up-to-date.

Explain the role of prices as a rationing mechanism in market economies.

Distinguish between the concepts of excess demand and excess supply.

Analyze the reasons and outcomes of government policies like rent controls, minimum wage laws, and usury laws.

Understand the relationship between quantity supplied/demanded and price movements.

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