Which of the Following Is NOT Part of the Financial

question 114

Multiple Choice

Which of the following is NOT part of the financial accounting information system?

• A)filing reports with the SEC
• B)reporting a large contingent liability to current and potential shareholders
• C)determining the future cash flows of a proposed flexible manufacturing system
• D)preparing GAAP financial statements

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Definitions:

Consent

Agreement, approval, or permission as to some act or purpose, given voluntarily by a competent individual.

Capital Contribution

The act of providing financial assets, such as money or property, to a partnership or company by its owners or members.

Share Losses

The decrease in the value of an individual's or entity's investment in stock or shares, typically reflected in the market price.

Partnership Property

Assets or property acquired by a partnership that are used in the business and owned collectively by the partners.