The Audit Trail Is Easier to Follow in an Online

question 86

True/False

The audit trail is easier to follow in an online computerized system as compared to a batch system.

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Definitions:

Capital

Capital refers to financial assets or resources that businesses use to fund their operations and invest in their growth, such as cash, machinery, and buildings.

Withdrawals

The act of taking out cash or other assets from a business by the owner for their personal use.

Capital

Capital refers to financial assets or the financial value of assets, such as funds held in deposit accounts, as well as the physical factors of production including machinery and buildings.

Prepaid Insurance Expense

The portion of insurance premiums that have been paid in advance and are recognized as an asset until the insurance coverage relates to future periods.