Which of the Following Statements Is Incorrect

question 111

Multiple Choice

Which of the following statements is incorrect?

• A) A major consideration in developing an accounting system is cost effectiveness.
• B) When an accounting system is designed no consideration needs to be given to the needs and knowledge of the various users.
• C) The accounting system should be able to accommodate a variety of users and changing information needs.
• D) To be useful information must be understandable relevant reliable timely and accurate.

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Definitions:

Mission Statement

A concise declaration of an organization's core purpose and focus that it strives to communicate to its employees, customers, and stakeholders.

Corporate Culture

The shared values, beliefs, and practices that characterize an organization and influence its members' behavior.

Operational Objective

Specifies the short-term, specific aims that guide the operations of an organization towards its strategic goals.

Stable Product Domain

A market segment or industry characterized by consistent demand and relatively small changes over time.