{"id":15595,"date":"2024-04-15T04:49:44","date_gmt":"2024-04-15T04:49:44","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=15595"},"modified":"2024-04-15T04:49:44","modified_gmt":"2024-04-15T04:49:44","slug":"what-is-the-advantage-of-a-computer-based-transaction-processing-system-a-does-not-require-as-stringent-a-set-of-internal-controls-b-will-produce-a-more-accurate-set-of-financial-statements-c-elimi","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/what-is-the-advantage-of-a-computer-based-transaction-processing-system-a-does-not-require-as-stringent-a-set-of-internal-controls-b-will-produce-a-more-accurate-set-of-financial-statements-c-elimi\/","title":{"rendered":"What is the advantage of a computer-based transaction processing system A. Does not require as stringent a set of internal controls B. Will produce a more accurate set of financial statements C. Eliminates the need to reconcile control accounts and subsidiary ledgers D. Will be more efficient at producing financial statements"},"content":{"rendered":"<p>\r\n    <!-- Check if it's an AMP page -->\r\n            <!-- Non-AMP version -->\r\n        <div class=\"mcq-container\" data-quiz-id=\"quizState_6a9c25485223f\">\r\n                                            <div class=\"option\" data-option-key=\"option1\" data-is-correct=\"false\">\r\n                    Does not require as stringent a set of internal controls                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option2\" data-is-correct=\"false\">\r\n                    Will produce a more accurate set of financial statements                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option3\" data-is-correct=\"false\">\r\n                    Eliminates the need to reconcile control accounts and subsidiary ledgers                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option4\" data-is-correct=\"true\">\r\n                    Will be more efficient at producing financial statements                <\/div>\r\n                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            \r\n            <!-- Feedback messages for non-AMP -->\r\n            <div class=\"feedback\" data-feedback=\"wrong\">Answer is Right!<\/div>\r\n            <div class=\"feedback\" data-feedback=\"right\">Answer is Wrong!<\/div>\r\n        <\/div>\r\n\r\n        <script>\r\n        document.addEventListener('DOMContentLoaded', function () {\r\n            var containers = document.querySelectorAll('.mcq-container');\r\n\r\n            containers.forEach(function(container) {\r\n                var options = container.querySelectorAll('.option');\r\n                var feedbackSelect = container.querySelector('[data-feedback=\"select\"]');\r\n                var feedbackWrong = container.querySelector('[data-feedback=\"wrong\"]');\r\n                var feedbackRight = container.querySelector('[data-feedback=\"right\"]');\r\n\r\n                options.forEach(function(option) {\r\n                    option.addEventListener('click', function() {\r\n                        var selectedOption = option.getAttribute('data-option-key');\r\n                        var isCorrect = option.getAttribute('data-is-correct') === 'true';\r\n\r\n                        \/\/ Remove previous selections\r\n                        options.forEach(function(opt) {\r\n                            opt.classList.remove('correct', 'incorrect');\r\n                        });\r\n\r\n                        \/\/ Add the correct\/incorrect class\r\n                        if (isCorrect) {\r\n                            option.classList.add('correct');\r\n                            feedbackRight.hidden = false;\r\n                            feedbackWrong.hidden = true;\r\n                        } else {\r\n                            option.classList.add('incorrect');\r\n                            feedbackRight.hidden = true;\r\n                            feedbackWrong.hidden = false;\r\n                        }\r\n\r\n                        \/\/ Hide select feedback\r\n                        feedbackSelect.hidden = true;\r\n                    });\r\n                });\r\n            });\r\n        });\r\n        <\/script>\r\n    \r\n    <!--more--><\/p>\n<p>The correct answer is: <strong>D. Will be more efficient at producing financial statements<\/strong>.<\/p>\n<p>A computer-based transaction processing system is a system that uses computers to record and process financial transactions. This type of system can be very efficient at producing financial statements, as it can automate many of the tasks that are involved in the process. For example, a computer-based system can automatically generate journal entries, post transactions to ledgers, and prepare financial statements. This can save a significant amount of time and effort, and can help to ensure that financial statements are accurate and up-to-date.<\/p>\n<p>The other options are incorrect for the following reasons:<\/p>\n<ul>\n<li>Option A: A computer-based transaction processing system does not necessarily require as stringent a set of internal controls, but it is still important to have strong internal controls in place to protect the integrity of financial data.<\/li>\n<li>Option B: A computer-based transaction processing system can produce a more accurate set of financial statements, but it is important to ensure that the system is properly designed and implemented.<\/li>\n<li>Option C: A computer-based transaction processing system does not eliminate the need to reconcile control accounts and subsidiary ledgers. This is an important step in ensuring the accuracy of financial statements.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Subscribe on YouTube<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[671],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is the advantage of a computer-based transaction processing system A. Does not require as stringent a set of internal controls B. Will produce a more accurate set of financial statements C. Eliminates the need to reconcile control accounts and subsidiary ledgers D. 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