Which of the Following Is True of the Comparison Between

question 80

Multiple Choice

Which of the following is true of the comparison between a manual and a computerized accounting information system?

• A)In both manual and computerized systems,reports and financial statements must be created using Word documents,Excel spreadsheets,or PowerPoint.
• B)In a computerized system,the software can generate financial reports instantaneously that can never be manipulated.
• C)In a manual system,data are contained in paper documents,which are often stored in filing cabinets and off-site document warehouses;whereas in a computerized system,data are stored on a main computer called a server.
• D)In both manual and computerized systems,processing data includes manually journalizing transactions and posting to the accounts.

Understand the concept of allocative efficiency and its relevance to purely competitive markets.

Grasp the principle of marginal cost (MC) and marginal revenue (MR) equality for profit maximization.

Define economic, normal, and accounting profits and their significance to business decisions.

Appreciate the role of technology and resource prices in shaping industry cost structures and market dynamics.

---

Definitions:

Public Goods

Goods or services that are available for all to consume, regardless of payment, such as public parks or national defense.

Economic Efficiency

A situation in which every resource is optimally allocated to serve each individual or entity in the best way while minimizing waste and inefficiency.

Economic Efficiency

An arrangement where resources are managed to achieve the greatest output of goods and services.

Copper Products

Items or merchandise that are made from copper, including electrical wiring, plumbing materials, and decorative objects.