Question

Question 9 1 points Save Answer Regardless of business type, accounting for business organisations will remain broadly similar because of the focus on a consistent financial business perspective. Sage computerised accounting software could be used by a range of business types and, to set the software ready for a new business, the system will require data initialisation. Now examine the following statements about the Sage computerised accounting system: i. System initialisation for a new business is used to set all account values at zero. It is then important to set the business (trading) start date but nominal ledger account names can be changed (edited) at any time. ii. All nominal ledger account values, except for the opening statement of financial position values, will be set at zero when the system is initialised for a new business. The business start date is determined by the system software and nominal ledger account names cannot be edited after initialisation. iii. Nominal ledger account values and the business start date can be set when initialising the system for a new business. Nominal ledger account names cannot be changed (edited) until financial values have been entered into the account. iv. The default (factory-set) nominal ledger is a typical set of accounts sub-divided into account types (classifications) for financial reporting. The nominal ledger coding system is based on 4-digit (number) codes. Initialisation means setting all required account values at zero. Which of the above statements are true? Oai and iv. b. All of them. O C. ji and iii. O d. i only.