Information Technology Plays a Major Role in the Business Process

question 69

True/False

Information technology plays a major role in the business process reengineering of most business processes.

---

Definitions:

Adjusting Entries

Bookkeeping adjustments made before the preparation of financial statements to account for accruals and deferrals not recorded through daily transactions.

Optional

Optional refers to a choice or item that is not mandatory and can be selected based on preference or requirement.

Adjusting Entries

These are journal entries made in accounting at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.

Closing Entries

Journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts, preparing the books for the next period.