Small business software is difficult to use and requires professional accounting qualifications.

Small businesses have different options when choosing accounting software to manage their accounting record keeping.

Forecasts say there will be a shortage of accountants in Australia in the coming years.

The overwhelming majority of businesses in Australia are categorised as 'small businesses'.

Computerised accounting systems to process data guarantee no errors or omissions in the accounting records.

In time, advances in natural language processing may assist users to understand and interpret the information contained in Annual Reports.

Technology has changed the role and function of the accounting professional.

On 1 September Carlson Ltd borrowed $10,000 from

the bank for three months at the annual interest rate of 9%. Principal and

interest are payable to the bank on 1 December. If the company prepares monthly

financial statements, the adjusting entry that the company should make for

interest on 30 September, would be:

The balance in the Prepaid Rent account before

adjustment at the end of the year is $12,000 and represents three months’ rent

paid on 1 December. The adjusting entry required on 31 December is:

At the end of the financial year, the usual

adjusting entry for accrued salaries owed to employees was omitted. Which of

the following statements is true?