BUISENESS MANAGEMENT
MERCHANDISING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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It should be updated annually.
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It should provide needed information quickly.
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It should eliminate the need for an accountant.
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It should be replaced every two or three years.
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Detailed explanation-1: -Accuracy is arguably the most important element of a good accounting system. In order to be worth your time and investment, an accounting system must keep accurate and up-to-date balances in individual accounts and the general ledger.
Detailed explanation-2: -The system must be fully integrated or fully interfaced; i.e. General Ledger, Accounts Payable, Accounts Receivable and Fixed Assets. The system must include an integrated Cashbook. The system must be able to provide as a minimum basic budgeting facilities.
Detailed explanation-3: -Which of the following is a requirement for a good accounting system: It should provide needed information quickly.
Detailed explanation-4: -Billing, ledger, account debit and credits are the core features of any accounting & finance software but besides these core features, there are some key features that every accounting & finance software must own, some of them are enlisted below.