Technologically Advanced Accounting Systems Do Not Need Monitoring for Errors

question 124

True/False

Technologically advanced accounting systems do not need monitoring for errors because computers always process transactions correctly.

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Definitions:

Market Price

The market price at which you can currently buy or sell an asset or service.

Cash Deal

A transaction where the payment for a good, service, or acquisition is made entirely with cash instead of financing or stock exchanges.

Fair Market Value

The price at which an asset would trade in a competitive auction setting, reflecting the value of an asset in the open market.

Fixed Assets

Long-term tangible assets used in the operations of a business and not expected to be converted to cash within a year.