Match Each of the Principles and Phases in the Development

question 24

Essay

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. Usefulness
_____ 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:

Department

A specialized functional area within an organization, focused on a specific area of activity or responsibility.

Selling Department

A division within a company responsible for managing sales activities and strategies to sell products or services.

Profit Center

A branch or division of a company that is responsible for generating its own revenue and profit.

Departmental Salary Expenses

Costs attributed to employee salaries within specific departments of an organization.