The Three Phases in the Development of an Accounting System

question 55

Multiple Choice

The three phases in the development of an accounting system are:
I. Systems analysis
II. Systems plan
III. Systems design
IV. Systems implementation and review

• A) I, II, and III
• B) I, III and IV
• C) I, II, and IV
• D) II, III and IV

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Definitions:

Economic Failures

Situations where market outcomes lead to inefficiency, often resulting in resources not being allocated optimally.

Commercial Failures

Situations where businesses are unable to continue operations due to financial problems, often leading to bankruptcy or liquidation.

Golden Parachutes

Large financial compensation packages awarded to top executives if they are forced out of a company due to a takeover or merger, intended to discourage hostile takeovers.

Severance Packages

Benefits offered to employees after they are terminated, which can include compensation, healthcare, and other perks.