Match Each of the Principles and Phases in the Development

question 60

Short Answer

Match each of the principles and phases in the development of an accounting system with the statement that best describes them.
a. Cost effectiveness
b. Flexibility
c. Useful output
_____ 1. Information must be understandable, relevant, reliable, timely, and accurate.
_____ 2. Benefits of information must outweigh the cost of providing it.
_____ 3. The system should accommodate a variety of users and changing information needs.
_____ 4. The accounting system must consider the needs and knowledge of various users.
_____ 5. The system should be capable of meeting the changes in the demands made upon it.

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Definitions:

Union's Picket Line

A boundary established by workers, particularly those in a union, indicating a site of protest, usually against their employer's practices or during a strike.

Standard Economic Thought

The dominant or traditional theories and principles in economics, often focusing on market efficiency, supply and demand, and rational choice.

Strikes

A form of protest where workers stop working in an attempt to force an employer to comply with their demands, such as higher pay or improved working conditions.

Defensive Lockout

A tactic used by employers to prevent workers from working during a labor dispute to protect the company's assets or interests.