A System Can Be Defined As

question 20

Multiple Choice

A system can be defined as:

• A)activities that are performed on inputs
• B)any device used to capture data including manual keying and scanning.
• C)any process that an accountant is involved in.
• D)something that takes inputs,applies a set of rules or processes to the inputs and generates outputs.

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Definitions:

Direct Method

A cash flow statement preparation approach that reports major classes of gross cash receipts and payments.

Cost of Goods Sold

An expense recorded to reflect the cost directly associated with producing the goods sold by a company.

Comparative Balance Sheets

Comparative balance sheets present the financial position of a company at two different points in time, allowing for analysis of changes and trends.

Inventory

The sum of all products and materials possessed by a firm, intended for either reselling or manufacturing.