According to the REA Philosophy,information Systems Should Support Only the Needs

question 13

True/False

According to the REA philosophy,information systems should support only the needs of accounting professionals.

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Definitions:

Home-Country Organizations

Home-Country Organizations refer to businesses or entities that are founded and operate primarily within the country of their origin.

European Union

A political and economic union comprising 27 European countries that have standardized laws to facilitate economic, social, and security integration.

Reported Income

Reported income is the total earnings a company reports on its income statement, computed as the net income after taxes, interest, depreciation, and other expenses.

Recognition of Revenue

The process of recording revenue in the financial statements when it is earned and measurable, according to set criteria.