Multiple Choice
Which of the following explains why operating budgets generally span a period of one year?
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1. Introduction to Accounting
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Which of the following is a way in which technology has changed the way businesses operate?
A
Eliminating the need for financial statements
B
Making manual bookkeeping mandatory
C
Automating accounting processes through specialized software
D
Reducing the importance of data security
Verified step by step guidance1
Understand the context of the question: The problem is asking about how technology has impacted business operations, specifically in the realm of accounting and financial processes.
Eliminate incorrect options: Analyze each option to determine its validity. For example, 'Eliminating the need for financial statements' is incorrect because financial statements are still essential for decision-making and compliance.
Evaluate the option 'Making manual bookkeeping mandatory': This is also incorrect because technology has reduced the reliance on manual bookkeeping by introducing automated systems.
Consider the option 'Reducing the importance of data security': This is incorrect because technology has increased the importance of data security due to the rise of digital data storage and cyber threats.
Identify the correct answer: 'Automating accounting processes through specialized software' is correct because technology has enabled businesses to streamline accounting tasks, improve accuracy, and save time through automation.
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