When it comes time to create an information system around business processes, few companies discover that they must also reengineer or change their business processes before they can build an information system around them
a. True
b. False
Indicate whether the statement is true or false
False
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Describe how the current ratio is calculated. If a company has a very low current ratio, what might this mean? If a company has a very high current ratio, what might this mean?
The expense recognition principle, also called the matching principle:
A. Provides guidance on when a company must recognize revenue. B. Prescribes that accounting information is based on actual cost. C. Means that accounting information reflects a presumption that the business will continue operating instead of being closed or sold. D. Prescribes that a company record the expenses it incurred to generate the revenue reported. E. Prescribes that a company report the details behind financial statements that would impact users' decisions.
Accrued expenses are ordinarily reported on the balance sheet as
A) assets B) liabilities C) fixed assets D) prepaid expenses
Business ethics is concerned with all of the following except
A. distinguishing between ethical decisions that arise in a business setting. B. societal issues such as the sale of products or services that may damage the environment. C. moral and ethical principles that might arise in a business setting. D. distinguishing between moral decisions in a business setting. E. any special duties or obligations that apply to persons engaged in commerce.