Asked by JACKSON HOGAN on May 27, 2024
Verified
The accounting program must be properly set up to meet the requirements of the business;poorly programmed or inappropriate software or hardware or personnel problems can cause more problems
A) advantage
B) disadvantage
Double-Entry Bookkeeping System
A method of accounting where every transaction is recorded in at least two accounts, with one account being debited and another credited, ensuring the accounting equation balances.
Single-Entry System
An accounting method where each financial transaction is recorded with only one entry, making it simpler but less detailed than double-entry systems.
Accounting Program
An educational curriculum designed to prepare students for careers in financial reporting, auditing, tax, and management accounting.
- Recognize the potential hazards and drawbacks inherent in automated accounting systems.
Verified Answer
GF
Grace FrauenheimJun 01, 2024
Final Answer :
B
Explanation :
This description outlines potential issues with setting up and maintaining a double-entry bookkeeping system, such as the need for appropriate software, hardware, and skilled personnel. These are considered disadvantages because they represent challenges and additional complexities compared to the simpler single-entry system.
Learning Objectives
- Recognize the potential hazards and drawbacks inherent in automated accounting systems.