Answer: Parochial
Explanation: A style of management in which the manager having decision authority considers every situation only from his or her own perspective is called Parochial management style. The parochial mangers are the one with illiberal thinking they only considers the situation on the pros and cons related to themselves.
In the above case study, as per the description of the assistant, we can conclude that Steve is a parochial manager.
P=present value
F=future value=500
n=number of years=2
i=annual interest rate=3%
We have
F=P(1+i)^n
=>
P=F/(1+i)^n
=500/(1.03^2)
= 471.30 to the nearest cent
Compatibility is an effective accounting information system refers to a system which works smoothly with the business’s employees and organizational structure.
Compatibility refers to a steady working system, which is aligned with the business employees, operations, and organizational structure. It is also the salability of any information and technology across the organizations.
Comparability is the level of standardization and effective accounting information which allows the financial statements of multiple organizations to be compared to each other. Thus, it uses hardware and software to effectively store and retrieve data.
Hence, a system not compatible with the organization is doomed to failure.
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The maintenance of information relating to the accounting equation is done in records known as <u>Accounts</u>.
<h3>What are Accounts?</h3>
- These are records that allow the storage of financial information.
- They include the various transactions the business is involved in.
Accounts are very important to a business as they allow the easy compilation of information such that a company is kept abreast of its financial situation.
In conclusion, these are accounts.
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