Consider the following statements with respect to the features of Accounting Information System:(i) The accounting and financial transactions are handled and manipulated.(ii) It generates reports for the Outsiders and Internal Reports.(iii) Futuristic data can be produced in the form of Budget forecasts.Q. Identify the correct statement/statements:a)(i) onlyb)(i) and (ii) onlyc)(i), (ii) and (iii)d)(i) and (iii) onlyCorrect answer is option 'C'. Can you explain this answer?

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Consider the following statements with respect to the features of Accounting Information System:

(i) The accounting and financial transactions are handled and manipulated.

(ii) It generates reports for the Outsiders and Internal Reports.

(iii) Futuristic data can be produced in the form of Budget forecasts.

Q. Identify the correct statement/statements:

a)
(i) only
b)
(i) and (ii) only
c)
(i), (ii) and (iii)
d)
(i) and (iii) only

Correct answer is option 'C'. Can you explain this answer?

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Consider the following statements with respect to the features of Acc...

At a minimum, a modern accounting system should automate and streamline core financial management functions such as: Accounts receivable (order to cash) Accounts payable (procure to payment) Financial close.

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Read the following hypothetical Case Study and answer the given questions:The financial statements, comprising the Trading A/c, Profit & Loss Account, Balance Sheet and Cash Flow Statement, that are prepared from the accounting information are published for the use by different entities, persons, etc. It is therefore essential that the published information is based on defined principles, concrete concepts and conventions. Accounting principles are the basic guidelines that provide standards for accounting practices and procedures to be followed, so that uniformity in accounting transactions is maintained. Accounting concepts are the assumptions on the basis of which financial statements are prepared. Accounting conventions emerge out of the accounting practices that have been followed by various organizations, over a period of time. The generally accepted accounting principles are generally accepted accounting standards. The concepts on the basis of which the financial statements are prepared and are agreed upon by the accountants, acting as a foundation for accounting are called accounting concepts. They are uniform set of rules for uniformity and understandability of accounting information. They are derived from experience. They are not static. It needs to satisfy relevance, objectivity and feasibility. The going concern concept assumes that the enterprise has neither any intention nor any necessity to close the business and will last for a long time. It enables the firms to enter into long term contracts. It enables for the charge or depreciation on assets which have fixed life. Due to this concept prepaid expenses are treated as assets. It helps in the classification of assets and liabilities. According to Consistency concept, the accounting principles and methods should be consistent. It should not vary every year. It enables to compare the financial stability of the business. There needs to be consistency in valuation of stock, depreciation and provisions, to enable better decision making by the management. It doesn’t mean that the accounting methods should not change, but the nature and effect and the reason for change should be stated.________ are the generally accepted rules and assumptions that assist accountants in the preparation of financial statements.

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Consider the following statements with respect to the features of Accounting Information System:(i) The accounting and financial transactions are handled and manipulated.(ii) It generates reports for the Outsiders and Internal Reports.(iii) Futuristic data can be produced in the form of Budget forecasts.Q. Identify the correct statement/statements:a)(i) onlyb)(i) and (ii) onlyc)(i), (ii) and (iii)d)(i) and (iii) onlyCorrect answer is option 'C'. Can you explain this answer?

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