Which of the Following Activities Is NOT Associated with the Financial

question 10

Multiple Choice

Which of the following activities is NOT associated with the financial accounting information system?

• A)reporting on the cost of quality
• B)reporting to the shareholders
• C)preparing reports for the tax authorities
• D)preparing a statement of cash flows

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Definitions:

Pension Expense

The cost incurred by an employer to fund its defined benefit pension plan, reflecting the amount needed to cover benefits earned by employees during the period.

Plan Assets

Assets set aside to meet future obligations, typically used in pension and retirement plans.

Pension Asset

An asset on the balance sheet, representing the company's surplus or prepaid contributions in its pension fund.

Journal Entries

Journal entries are the formal accounting record of financial transactions in the order they occur in a company’s financial system.