Bitcoin is an accounting system, a way of l recording transactions, recording value and allows people...

Bitcoin is an accounting system, a way of l recording transactions, recording value and allows people to transfer money to one another with being recorded on an open ledger

True or False?

Expert Solution

TRUE , Bitcoin is an accounting system , a way of recording transactions , recording value and allows people to transfer money to one another with being recorded on the open ledger . The bitcoin is a kind of computer file save in the computer or in the smartphone of the purchaser for the transactions . They can transfer the bitcoins to the other person for the transactions and without any middle men that means no bank will be present between the transactions of the businesses . Its very beneficial for the small and the medium sized businesses .

Every transactions done by the people is recorded in the public list that is called the blockchain . Its recorded for the purpose of not letting the people misuse the facilities provided to them for the better transactions . Every value of the transactions are recorded as per the time but the persons name are always kept disclosed . The purpose of recording the values is to not letting people to buy and sell the bitcoins out of there limits .

Rahul Sunny answered 2 years ago

Debits and Credits are the foundation for recording transactions in an accounting system. Do debits represent...

Debits and Credits are the foundation for recording transactions in an accounting system. Do debits represent positive numbers, and credits negative? Why?If we record each transaction that occurs in the journal, why do we need to post each of them to the ledger? What is the significance of the ledger?

Natalie is struggling to keep up with the recording of her accounting transactions. She is spending...

Natalie is struggling to keep up with the recording of her accounting transactions. She is spending a lot of time marketing and selling mixers and giving her cookie classes. Her friend John is an accounting student who runs his own accounting service. He has asked Natalie if she would like to have him do her accounting. John and Natalie meet and discuss her business. John suggests that he do the following for Natalie. 1. Hold onto cash until there is...

Develop and use accounting information for daily recording of business financial transactions in a manufacturing environment,...

Develop and use accounting information for daily recording of business financial transactions in a manufacturing environment, and construct and use operational budgets for a manufacturing company

Compare and contrast a manual accounting system with a computerized accounting system for processing vendor transactions....

Compare and contrast a manual accounting system with a computerized accounting system for processing vendor transactions. What uses are there for using the Vendor Balance Summary and A/P Aging Summary Reports? Why is the balance in Merchandise Inventory different than the balance in Accounts Payable? Include at least one reference from an online resource.

Compare and contrast a manual accounting system with a computerized accounting system for processing customer transactions....

Compare and contrast a manual accounting system with a computerized accounting system for processing customer transactions. Include an explanation of how the accounts receivable subsidiary ledger compares with the Customer List.

Question 2. Recording Accounting Transactions, Posting to the Ledger and Trial Balance Mafia Rat decides that...

Question 2. Recording Accounting Transactions, Posting to the Ledger and Trial Balance Mafia Rat decides that she wishes to set up a new company selling Lead and Concrete Boots for fishing. She decides to call the new company ‘Sinking Feeling Limited’. Following are the business events that related to the company for the month of July 2024: 1) July 1: Mafia Rat withdrew $1,560,000 from her personal account and placed it into the newly opened account of Sinking Feeling Limited....

Discuss how basic accounting principles apply in each of the following areas: 1. recording of transactions;...

Discuss how basic accounting principles apply in each of the following areas: 1. recording of transactions; 2. preparation of financial statements; 3. cost accounting or budgeting (Word limit – 1,000-1,200 words) Guidelines: 1. For each of the above three areas listed, you are required to select and discuss four (4) basic accounting principles. To demonstrate your understanding of each of these accounting principles, your discussion should include examples drawn from real-life companies or even fictitious situations. You must demonstrate that...

1. The process of reviewing the recording procedures for an accounting information system should include three...

1. The process of reviewing the recording procedures for an accounting information system should include three areas. What are they? 2. Why is it necessary to introduce an AIS and how does recorded data contribute to problem-solving processes and to continuous improvement of products and service delivery? Discuss in 150–180 words. Thank you

The process of reviewing the recording procedures for an accounting information system should include three areas....

The process of reviewing the recording procedures for an accounting information system should include three areas. What are they

how are transactions recorded in a computerized accounting information system?

Question