Which of the Following Activities Is NOT Associated with the Financial

question 52

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 SEC
• C)preparing reports for the IRS
• D)preparing a statement of cash flows

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Definitions:

Comparability

An accounting principle that ensures financial statements can be easily compared across different periods or companies, enhancing transparency.

Economic Similarities

Characteristics or factors that are common among different economies, which may influence their development or performance.

Disclosure Practices

The policies and actions by a company regarding the release of information to stakeholders, intended to provide clarity and transparency about its operations and financial condition.

Financial Statements

Reports that summarize the financial performance, position, and cash flows of a business over a specific period.