Control Principle: The Control principle requires the accounting information system must have consistent procedure which monitors the business activities. Relevance Principle: The Relevance principle states that accounting information should be presented in a simple and understandable way on period basis which could be used for decision making purpose by the users. Basically, the accounting information should be useful and relevant for the user to make financial decision. Compatibility Principle: Compatibility principle states that the accounting information system must be compatible with the business structure and operations or activities. Flexibility Principle: The accounting information system must be flexible in nature which could change according to the changes in market, business environment , legal regulations and etc. Cost-Benefit Principle: The cost benefit principle simple states that the benefit from providing financial information should be more than the cost to the users. It has relative influence on the other principle of accounting information system. To determine : Match the principles of accounting information system with descriptions provided.

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Answer 1

Question

Chapter 7, Problem 2QS

To determine

Control Principle:

The Control principle requires the accounting information system must have consistent procedure which monitors the business activities.

Relevance Principle:

The Relevance principle states that accounting information should be presented in a simple and understandable way on period basis which could be used for decision making purpose by the users. Basically, the accounting information should be useful and relevant for the user to make financial decision.

Compatibility Principle:

Compatibility principle states that the accounting information system must be compatible with the business structure and operations or activities.

Flexibility Principle:

The accounting information system must be flexible in nature which could change according to the changes in market, business environment, legal regulations and etc.

Cost-Benefit Principle:

The cost benefit principle simple states that the benefit from providing financial information should be more than the cost to the users. It has relative influence on the other principle of accounting information system.

To determine:

Match the principles of accounting information system with descriptions provided.

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A company sells a product for $25 per unit. The variable cost per unit is $15, and the total fixed costs are $50,000. a) How many units must the company sell to break even? b) If the company wants a profit of $10,000, how many units must it sell?

Answer 2

Question

Chapter 7, Problem 2QS

To determine

Control Principle:

The Control principle requires the accounting information system must have consistent procedure which monitors the business activities.

Relevance Principle:

The Relevance principle states that accounting information should be presented in a simple and understandable way on period basis which could be used for decision making purpose by the users. Basically, the accounting information should be useful and relevant for the user to make financial decision.

Compatibility Principle:

Compatibility principle states that the accounting information system must be compatible with the business structure and operations or activities.

Flexibility Principle:

The accounting information system must be flexible in nature which could change according to the changes in market, business environment, legal regulations and etc.

Cost-Benefit Principle:

The cost benefit principle simple states that the benefit from providing financial information should be more than the cost to the users. It has relative influence on the other principle of accounting information system.

To determine:

Match the principles of accounting information system with descriptions provided.

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Answer 3

Question

Chapter 7, Problem 2QS

To determine

Control Principle:

The Control principle requires the accounting information system must have consistent procedure which monitors the business activities.

Relevance Principle:

The Relevance principle states that accounting information should be presented in a simple and understandable way on period basis which could be used for decision making purpose by the users. Basically, the accounting information should be useful and relevant for the user to make financial decision.

Compatibility Principle:

Compatibility principle states that the accounting information system must be compatible with the business structure and operations or activities.

Flexibility Principle:

The accounting information system must be flexible in nature which could change according to the changes in market, business environment, legal regulations and etc.

Cost-Benefit Principle:

The cost benefit principle simple states that the benefit from providing financial information should be more than the cost to the users. It has relative influence on the other principle of accounting information system.

To determine:

Match the principles of accounting information system with descriptions provided.

Expert Solution & Answer

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Answer 4

Question

Chapter 7, Problem 2QS

To determine

Control Principle:

The Control principle requires the accounting information system must have consistent procedure which monitors the business activities.

Relevance Principle:

The Relevance principle states that accounting information should be presented in a simple and understandable way on period basis which could be used for decision making purpose by the users. Basically, the accounting information should be useful and relevant for the user to make financial decision.

Compatibility Principle:

Compatibility principle states that the accounting information system must be compatible with the business structure and operations or activities.

Flexibility Principle:

The accounting information system must be flexible in nature which could change according to the changes in market, business environment, legal regulations and etc.

Cost-Benefit Principle:

The cost benefit principle simple states that the benefit from providing financial information should be more than the cost to the users. It has relative influence on the other principle of accounting information system.

To determine:

Match the principles of accounting information system with descriptions provided.

Expert Solution & Answer

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Answer 5

Chapter 7, Problem 2QS

To determine

Control Principle:

The Control principle requires the accounting information system must have consistent procedure which monitors the business activities.

Relevance Principle:

The Relevance principle states that accounting information should be presented in a simple and understandable way on period basis which could be used for decision making purpose by the users. Basically, the accounting information should be useful and relevant for the user to make financial decision.

Compatibility Principle:

Compatibility principle states that the accounting information system must be compatible with the business structure and operations or activities.

Flexibility Principle:

The accounting information system must be flexible in nature which could change according to the changes in market, business environment, legal regulations and etc.

Cost-Benefit Principle:

The cost benefit principle simple states that the benefit from providing financial information should be more than the cost to the users. It has relative influence on the other principle of accounting information system.

To determine:

Match the principles of accounting information system with descriptions provided.

Answer 6

Chapter 7, Problem 2QS

To determine

Control Principle:

The Control principle requires the accounting information system must have consistent procedure which monitors the business activities.

Relevance Principle:

The Relevance principle states that accounting information should be presented in a simple and understandable way on period basis which could be used for decision making purpose by the users. Basically, the accounting information should be useful and relevant for the user to make financial decision.

Compatibility Principle:

Compatibility principle states that the accounting information system must be compatible with the business structure and operations or activities.

Flexibility Principle:

The accounting information system must be flexible in nature which could change according to the changes in market, business environment, legal regulations and etc.

Cost-Benefit Principle:

The cost benefit principle simple states that the benefit from providing financial information should be more than the cost to the users. It has relative influence on the other principle of accounting information system.

To determine:

Match the principles of accounting information system with descriptions provided.

Answer 7

Chapter 7, Problem 2QS

To determine

Control Principle:

The Control principle requires the accounting information system must have consistent procedure which monitors the business activities.

Relevance Principle:

The Relevance principle states that accounting information should be presented in a simple and understandable way on period basis which could be used for decision making purpose by the users. Basically, the accounting information should be useful and relevant for the user to make financial decision.

Compatibility Principle:

Compatibility principle states that the accounting information system must be compatible with the business structure and operations or activities.

Flexibility Principle:

The accounting information system must be flexible in nature which could change according to the changes in market, business environment, legal regulations and etc.

Cost-Benefit Principle:

The cost benefit principle simple states that the benefit from providing financial information should be more than the cost to the users. It has relative influence on the other principle of accounting information system.

To determine:

Match the principles of accounting information system with descriptions provided.

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 7 - Prob. 1DQ Ch. 7 - Prob. 2DQ Ch. 7 - What are the five fundamental principles of...Ch. 7 - Prob. 4DQ Ch. 7 - Prob. 5DQ Ch. 7 - Prob. 6DQ Ch. 7 - Prob. 7DQ Ch. 7 - Prob. 8DQ Ch. 7 - Prob. 9DQ Ch. 7 - Prob. 10DQ

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