Match each of the principles and phases in the development of an accounting system with the statement that best describes them. 1. Information must be understandable, relevant, reliable, timely, and accurate. FlexibilityCost effectivenessUseful output 2. Benefits of information must outweigh the cost of providing it. Cost effectivenessUseful outputFlexibility 3. The system should accommodate a variety of users and changing information needs. Cost effectivenessFlexibilityUseful output 4. The accounting system must consider the needs and knowledge of various users. FlexibilityCost effectivenessUseful output 5. The system should be capable of meeting the changes in the demands made upon it. Useful outputCost effectivenessFlexibility
Match each of the principles and phases in the development of an accounting system with the statement that best describes them. 1. Information must be understandable, relevant, reliable, timely, and accurate. FlexibilityCost effectivenessUseful output 2. Benefits of information must outweigh the cost of providing it. Cost effectivenessUseful outputFlexibility 3. The system should accommodate a variety of users and changing information needs. Cost effectivenessFlexibilityUseful output 4. The accounting system must consider the needs and knowledge of various users. FlexibilityCost effectivenessUseful output 5. The system should be capable of meeting the changes in the demands made upon it. Useful outputCost effectivenessFlexibility
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Match each of the principles and phases in the development of an accounting system with the statement that best describes them.
| 1. | Information must be understandable, relevant, reliable, timely, and accurate. | FlexibilityCost effectivenessUseful output | ||
| 2. | Benefits of information must outweigh the cost of providing it. | Cost effectivenessUseful outputFlexibility | ||
| 3. | The system should accommodate a variety of users and changing information needs. | Cost effectivenessFlexibilityUseful output | ||
| 4. | The accounting system must consider the needs and knowledge of various users. | FlexibilityCost effectivenessUseful output | ||
| 5. | The system should be capable of meeting the changes in the demands made upon it. | Useful outputCost effectivenessFlexibility |
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