Which of the following statements relating to an accounting system is incorrect?
A) Only large businesses require an electronic accounting system.
B) An accounting system transforms economic transactions into information that is useful for decision making.
C) An accounting system is used for the efficient and reliable processing of an entity's financial data.
D) An accounting system makes the processing of repetitive transactions more efficient.

Question

Quizplus · Accepted Answer

The statement "Only large businesses require an electronic accounting system" is incorrect because even small businesses can benefit from the use of an electronic accounting system to improve their financial management and decision-making processes.

Which of the Following Statements Relating to an Accounting System