Relevant Accounting Information

question 133

Multiple Choice

Relevant accounting information

• A) is information that has been audited.
• B) must be reported within the operating cycle or one year whichever is longer.
• C) has been objectively determined.
• D) is information that is capable of making a difference in a business decision.

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Definitions:

Pension Expense

The cost recognized by an employer for the estimated liabilities of pension payments to retirees.

Salaries Expense

The cost incurred by a company to pay for employee services performed during a period.

Time Card

A record of the amount of an employee's time spent on different jobs, typically used for payroll purposes.

Internal Control

A system implemented by a company to ensure the integrity of financial and accounting information, promote accountability and prevent fraud.