Question: It is important to record accounting transactions in a timely manner so that you can close out your books properly at the end of a

  • It is important to record accounting transactions in a timely manner so that you can close out your books properly at the end of a quarter. Identify and discuss the factors that lead to a user failing to record transactions in a timely manner in accounting systems like QuickBooks. Justify your response.
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What accounting numbers need to be "closed out"? Why?

What would be the impact on the financial statements if a sales transaction was not recorded? 

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Factors that lead to a user failing to record transactions in a timely manner in accounting systems like QuickBooks may include Lack of training If the user is not adequately trained on how to use the ... View full answer

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