In a Computerized Accounting System,segregation of Functions Refers to Inventory

question 16

True/False

In a computerized accounting system,segregation of functions refers to inventory control,accounts receivable,billing,and general ledger tasks.

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Definitions:

External Cost

A cost that a transaction or activity imposes on a party who did not agree to the transaction or activity, often leading to negative consequences like pollution or health issues.

External Benefit

A positive effect on a third party or the general public that arises from a transaction between others.

Producer Surplus

The difference between what producers are willing to accept for a good or service and what they actually receive, due to higher market prices.

Consumer Surplus

The difference between the total amount that consumers are willing and able to pay for a good or service and the total amount that they actually do pay.