Accounting Information Systems Collect and Process Data from Transactions and Events

question 131

True/False

Accounting information systems collect and process data from transactions and events, organize them in useful reports, and communicate results to decision makers.

---

Definitions:

Intragroup Transaction

Transactions that occur between two entities within the same group of companies, often needing elimination during consolidation for accurate financial reporting.

NCI Adjustment

Adjustments made to reflect the share of earnings or losses attributable to non-controlling interests in a subsidiary.

Tax Rate

is the percentage at which an individual or corporation is taxed by the government on their income or profit.

Intragroup Transaction

Transactions between companies that are part of the same corporate group, which must be eliminated in the consolidated financial statements.