Information technology can be used in: (i) preparing financial statements, (ii) closing the accounts.

Question

Quizplus · Accepted Answer

Information technology is extensively used in preparing financial statements as it assists in automating tasks, improving accuracy, and speeding up the process. Financial accounting software such as QuickBooks, Xero, and FreshBooks can be used to prepare financial statements electronically, allowing for easy customization, analysis, and sharing. Closing the accounts involves consolidating all the transactions and preparing the final financial statements, which can also be done using financial accounting software. Therefore, both i and ii are correct.

Information Technology Can Be Used In: (I) Preparing Financial Statements