In the Development of an Accounting System Which Stage Gathers

question 61

Multiple Choice

In the development of an accounting system which stage gathers facts that provide a thorough understanding of a business's information requirements and the sources of information?

• A) Systems analysis
• B) Systems design
• C) Systems implementation
• D) Systems review

---

Definitions:

Supply and Demand

Fundamental economic model describing how prices and quantities of goods and services are determined in a market based on the relationship between the quantity supplied and the quantity demanded.

Price Floor

A government or regulatory minimum price set for a commodity, below which it cannot legally be sold.

Farm Incomes

The earnings from agricultural activities that farmers receive, including profits from selling crops and livestock.

Binding Price Floor

A legally established minimum price that can be charged for a good or service, above the equilibrium price, leading to a surplus.