Select one from the following scenarios that best represent a system.Question 1Answera.A customer places an order onlineb.An accountant uploads bank transaction details, downloaded from the internet banking, into the enterprise systemc.The payroll system generates payslipsd.A little boy enters coins and a selection into a food vending machine and the machine drops the selected food to the chute

Accounting SystemsThere are five questions associated with this passagePeople typically use two types of accounting systems: a cash-based system and an accrual system. Several things need to be considered when choosing an accounting system. The two most important considerations are ease of use and need for accuracy.In a cash-based system, which is easy to use, you record transactions when the money is actually paid or received.An accrual accounting system is more difficult to understand, but it is more accurate than a cash-based system. In an accrual system, a transaction is recorded when you receive or provide a product or service, not when you pay or receive payment for the product or service.Assume you provided a service to a customer for $1,000 in May and received payment for it in June. You also purchased and received a $2,000 piece of equipment in May and paid for it in June.Under an accrual accounting system, in May you would record both the $1,000 for the service performed and the $2,000 for the equipment purchased. Under a cash-based system, in June you would record both the $1,000 payment received and the $2,000 payment made.The cash-based accounting system would give you an incorrect picture of your true financial status in May. It would appear that you had $1,000 more in cash than you actually did. Therefore, an accrual accounting system would provide a more accurate picture of how you are doing financially at any given point in time.What is the best reason to use an accrual accounting system?It is easy to use.It is easy to understand.It shows your real financial status.It is used by most people.It requires minimal effort.

An accounting system is used to Blank______.Multiple choice question.record sales transactions and generate customer receiptsrecord and summarize accounting data into reportsdistribute a company's investments evenlygenerate employee wages and benefits

Multiple Choice QuestionWhat is an example of a P2P electronic payment tool?Multiple choice question.personal checkTreasury billmoney marketVenmo

____ is the term for parts of accounting transactions that constitute the input to an AIS.Question 28Answera.Informationb.Systemc.Datad.Transaction

LO 7.1 So far, computer systems cannot yet ________.Choose one answer from the options below.A. receive data and instructions from input devices such as a scanner.B. decide how to record a business transaction.C. communicate with other computers electronically.D. recognize that you made a mistake entering $100 when you meant to enter $101.