Accounting systems evolve through a three-step process: analysis, design and feedback. TrueFalse Save Answer 2. (Points:

.Accounting systems evolve through a three-step process: analysis, design and feedback. Accounting systems evolve through a three-step process: analysis, design and feedback. Once an accounting system has been implemented, feedback will be used to continuously analyze and improve the system. When specialized journals are used, the general journal is not necessary. Specialized journals are books of original entry. Transactions must first be recorded into the general journal before they can be entered into specialized journals. The presence of a controlling account requires the presence of a subsidiary ledger. Purchases of store equipment on account are recorded in the general journal. A cash refund paid to a customer who overpaid an account receivable is recorded in the cash payments journal. A personal withdrawal of cash is recorded in the general journal. The offering of services for cash is recorded in the revenue journal. The offering of services on account is recorded in the revenue journal. Sales of office supplies for cash, at cost, to a neighboring business as an accommodation, are recorded in the revenue journal. Accounting systems are only computerized. The purchase of supplies for cash would be recorded in the purchases journal. When a large number of individual accounts with a common characteristic are grouped together, accounting calls this a controlling account. The customers ledger and the creditors ledger refer to subsidiary ledgers. A computer system may streamline the input of data, but internal controls and authorizations still need to remain in place. Updating information in a computerized accounting system happens at the end of the month. E-commerce is improving collection and payments cycles.TrueFalse