Question : An accounting information system processes the financial transactions and events based on -
Option 1: Governing Principles
Option 2: Management Principles
Option 3: Accepted Principles
Option 4: Generally Accepted Accounting Principles

Question

Question : An accounting information system processes the financial transactions and events based on -

Option 1: Governing Principles

Option 2: Management Principles

Option 3: Accepted Principles

Option 4: Generally Accepted Accounting Principles

Team Careers360 · Accepted Answer

Correct Answer: Generally Accepted Accounting Principles

Solution : In order to provide reports that meet user needs, computerised accounting systems handle financial transactions and events in accordance with generally accepted accounting principles (GAAP).

Hence the correct answer is option 4.

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Question : An accounting information system processes the financial transactions and events based on -Option 1: Governing PrinciplesOption 2: Management PrinciplesOption 3: Accepted PrinciplesOption 4: Generally Accepted Accounting Principles

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Question : An accounting information system processes the financial transactions and events based on -
Option 1: Governing Principles
Option 2: Management Principles
Option 3: Accepted Principles
Option 4: Generally Accepted Accounting Principles

Question : Statement 1: In management accounting, data from cost accounting and financial accounting are both used.
Statement 2: Therefore, a suitable system is required to combine cost accounts and financial accounts.

Question : Statement 1: By integrating and automating all business processes, computerised accounting system benefits all firms.
Statement 2: These tasks could include production, inventory management, sales, and financing.