Off-The-Shelf Accounting Software Is Not Adequate to Meet the Needs

question 89

True/False

Off-the-shelf accounting software is not adequate to meet the needs of small businesses.

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Definitions:

Subsidiary Ledger

A detailed ledger containing the individual accounts that make up a controlling account in the general ledger.

Purchases Journal

The journal in which all items purchased on account are recorded.

Supplies

Items used in the operation of a business that are typically consumed or expendable, such as office supplies or maintenance materials.

Other Accounts Column

A column in accounting journals or ledgers for recording entries that do not fit into the standard categories, ensuring all transactions are accounted for.