HomeworkLib
Question

You have an old system and a new system but prior to going live you input...

You have an old system and a new system but prior to going live you input all of the last quarter data into the new system first. Why?

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

We input all the last quarter data into the new system first because:

1. The closing balance of previous year becomes the opening balance of current year.

for example, If we have a creditor X and the amount due is $5000 for the year ending 2018 and for the period 2018- 2019 the amount due is $3000, also we are switching into different system. So if we will not input previous year/quarter data then the amount due to creditor X will be shown as $3000, which is incorrect. The actual amount due is $8000 for the financial year end 2019

2. to evaluate the financial position of the company.

3. In case the company creates trading account, opening balance also tells the stock which is carry forward from the previous year.

0 0
Add a comment
Know the answer?
Add Answer to:
You have an old system and a new system but prior to going live you input...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Meg Prior is 25 years old and is going to invest $10,000 in her retirement fund...

    Meg Prior is 25 years old and is going to invest $10,000 in her retirement fund at the beginning of each of the next 40 years. Assume that during each of the next 30 years Meg will earn 15 percent on her investments and during the last 10 years before she retires, her investments will earn 5 percent. Determine the IRR associated with her investments and her final retirement position. How do you know there will be a unique IRR?...

  • Prior to going through the two units on Religion Identity, have you thought about religion vs....

    Prior to going through the two units on Religion Identity, have you thought about religion vs. spirituality? What about now? How would define religion and spirituality and what are the differences between the two. Can you think of specific examples which differentiate the two? Do you think human societies are moving more towards adhering to conservative religious ideas or moving more towards spirituality? Why or why not? Quote a couple of real-life events/experiences to support your views and show how...

  • In this Final program you are going to use several concepts you learned in CSC 101...

    In this Final program you are going to use several concepts you learned in CSC 101 class, especially operations on or using FILES , LOOPS and FUNCTIONS. You need to implement C++ code that will read data from a file and process it as outlined below and write the processed data to an output file. You can refer to the file input.txt for how the data is made available to you and output.txt for how to write out the processed...

  • A city wants to replace its old traffic lights with a new sensor system that prevents...

    A city wants to replace its old traffic lights with a new sensor system that prevents more pedestrian and automobile accidents. They try out the new system but only gather a sample data on how well it works during the day from 1-3pm. Based on their data they find that the new system does not not reduce the number of accidents and decide to keep the old system. Unfortunately, the new system was much more effective than the old system,...

  • In the Old Testament, we are told that man cannot live on bread alone, but in...

    In the Old Testament, we are told that man cannot live on bread alone, but in the New Testament Jesus claims that he is the bread of life. What do you think Jesus means by this? What message is he trying to convey? Why do you think bread is used as the symbol? Finally, does this passage speak to you in any way?

  • You are considering a new delivery system and wish to test whether the new system will...

    You are considering a new delivery system and wish to test whether the new system will conform to your requirements at a 5% significance level. It is well established that the mean delivery time of the current system is 2.38 days. The specifications of the new delivery system state that the average variation (standard deviation) of the delivery times is 0.43 days. To test the new system, we have data for 48 delivery times. For the sample, the average delivery...

  • You will be assigned a mentor as you begin a new position. Prior to your first...

    You will be assigned a mentor as you begin a new position. Prior to your first meeting you need to make a list of what you believe are the top 5 areas where you need development. List the five areas where you most need development and explain why.

  • You were hired by Hilltop Motors as a consultant to help the company plan a new...

    You were hired by Hilltop Motors as a consultant to help the company plan a new information system. Hilltop is an old-line dealership, and the prior owner was slow to change. A new management team has taken over, and they are eager to develop a first-class system. Right now, you are reviewing the service department, which is going though a major expansion. You decide to create a model of the service department in the form of a use case diagram....

  • Suppose you have discovered that a new policy in your organization is going to have an...

    Suppose you have discovered that a new policy in your organization is going to have an adverse impact on a significant part of the customer population. However the leadership of the organization is determined to go forth with the policy nevertheless. Is it a problem? If so describe it by using ethical theories and show how you should address this problem

  • You have a new Digital Multimeter and would like to know its input impedance. You have...

    You have a new Digital Multimeter and would like to know its input impedance. You have three different pairs of resistors with values of 600, 60k and 6M. You construct a voltage divider from each pair, power it with 20V DC and use the new meter to measure the output voltage. For R=600, you measure 10V. For R=60k, you measure 9.95V. For R=6M, you measure 6.66V. What is the input impedance of your new meter?

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT