Answer :
Final answer:
The factors for a good accounting system involve accuracy, relevance, and timeliness. Database systems offer efficiency over file-oriented systems. Billing and accounts receivable functions have distinct roles in managing financial transactions.
Explanation:
Factors for a good accounting system:
- Accuracy: Data should be recorded correctly.
- Relevance: Information provided should be useful for decision-making.
- Timeliness: Reports should be available when needed.
Major advantage of database systems over file-oriented systems: Efficiency: Databases allow for quicker access to data and efficient management.
Difference between billing and accounts receivable function: Billing is the process of invoicing customers, while accounts receivable function involves managing payments from customers.
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