Adapting Information Systems (IS) to New Versions of Business Processes

question 95

True/False

Adapting information systems (IS) to new versions of business processes is a quick process.

---

Definitions:

Temporary Account

An account that is closed at the end of each accounting period and its balances transferred to permanent accounts; examples include revenues, expenses, and dividends accounts.

Correct Entry

An accurate recording of a transaction in the books of accounts, adhering to accounting principles and conventions.

Correcting Entry

A journal entry made in accounting records to amend a previously made error.

Accounts Payable

Liabilities representing amounts owed to suppliers or creditors for goods and services received but not yet paid for.