In regards to a company using a computerized accounting system,which of the following statements is incorrect?
A) Closing entries are completed in a matter of seconds.
B) The accountant must manually prepare the closing entries.
C) The software identifies the temporary accounts.
D) The Owner, Capital account balance is up-to-date.

Question

Quizplus · Accepted Answer

In a computerized accounting system, the software automatically prepares the closing entries based on the information entered throughout the period, so the accountant does not need to manually prepare them.

In Regards to a Company Using a Computerized Accounting System,which