Which of the Following Is Not an Element of the Financial

question 67

Multiple Choice

Which of the following is not an element of the financial accounting system?

• A)Rules for determining what,when and the amount that should be recorded
• B)A framework for preparing financial statements
• C)A set of rules for the stock exchange
• D)Controls to determine whether errors occur during recording

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Definitions:

Direct

The process or manner of communication or transaction that happens without any intermediaries.

Channel Conflict

A situation where channels in a distribution chain are in competition with each other or interfere, leading to reduced efficiency or sales.

Vertical

An industry or market in which businesses provide products or services specific to a particular niche, focusing on a tightly defined area of operation.

Conventional

Adhering to established practices or methods; traditional.