Your friend presents the following criticism of the accounting system: ‘‘Accounting involves so much duplication of effort. First, entries are recorded in a journal; then the same information is...

Your friend presents the following criticism of the accounting system: ‘‘Accounting involves so much duplication of effort. First, entries are recorded in a journal; then the same information is recorded in a ledger. No wonder accountants work such long hours!’’ Do you agree with this criticism? Explain.