One of the Advantages of a Computerized Accounting System Is

question 12

True/False

One of the advantages of a computerized accounting system is that the computerized system eliminates the need for internal controls.

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Definitions:

MP

No standard definition available; it could refer to "Marginal Product" in economics, which is the extra output generated by adding one more unit of input.

Economic Profits

The extra income a business makes after accounting for all explicit and implicit costs, representing a return above the normal profit level.

Labor

The human effort, either physical or mental, that is used in the production of goods and services.

Capital

Financial assets or the financial value of assets, such as cash and goods, used to generate wealth through investment or production.