With the Advent of Cloud Computing and SaaS, Smaller Firms

question 30

True/False

With the advent of cloud computing and SaaS, smaller firms no longer have access to the kinds of sophisticated computing power they had access to in the past.

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Definitions:

Adjusting Entries

Journal entries made in accounting records at the end of an accounting period to allocate income and expenses to the period in which they actually occurred.

Accounting System

A set of processes and tools used by entities to track financial transactions, maintain accurate records, and prepare financial statements.

Navigating QBO

The process of efficiently moving through QuickBooks Online’s interface to utilize its comprehensive features for managing financial tasks.

Financial Dashboard

A specialized dashboard focused on displaying key financial metrics and performance indicators to help in decision-making.