UGC NET Exam > UGC NET Questions > Accounting is also defined as an information ...
Start Learning for Free
Accounting is also defined as an 'information system' because :
- a)The function of accounting is to provide quantitative information, primarily financial in nature, about economic entities
- b)Every system is ‘information system'
- c)Anyone can get required information from accounting
- d)Keeping systematic records
Correct answer is option 'A'. Can you explain this answer?
| FREE This question is part of | Download PDF Attempt this Test |
Most Upvoted Answer
Accounting is also defined as an information system because :a)The fun...
Definition of Accounting:
According to the Committee of Terminology of the American Institute of Certified Public Account:” Accounting is the art of recording, classifying summarising in a significant manner and in terms of money, transaction, and events which are, in part at least of a financial character and interpreting the results thereof.”
Accounting as an Information System:
- Accounting is basically an Information System because it is designed primarily to serve the different stakeholders in their decision-making process by providing them with necessary, timely, and relevant information.
- As an Information System, Accounting is involved in the process of converting inputs into outputs.
- It processes business transactions (inputs) to produce the desired result in the form of reports, statements, etc., (outputs).
- The reports, statements, etc., are meant for submission to different stakeholders (both internal and external parties/stakeholders) to help them in their decision-making process.
- And it may be noted here that the accounting information contained in the reports, statements, etc., helps the decision-makers in their decisions.
- Thus, accounting as an information system collect the data related to financial transactions, processes it by recording the transactions and preparing financial statements, storing them electronically according to the firm's recording system, and communicating the financial information to its users.
Hence, Accounting is also defined as an 'information system' because the function of accounting is to provide quantitative information, primarily financial in nature, about economic entities.
Free Test
FREE
| Start Free Test |
Community Answer
Accounting is also defined as an information system because :a)The fun...
Definition of Accounting:
According to the Committee of Terminology of the American Institute of Certified Public Account:” Accounting is the art of recording, classifying summarising in a significant manner and in terms of money, transaction, and events which are, in part at least of a financial character and interpreting the results thereof.”
Accounting as an Information System:
- Accounting is basically an Information System because it is designed primarily to serve the different stakeholders in their decision-making process by providing them with necessary, timely, and relevant information.
- As an Information System, Accounting is involved in the process of converting inputs into outputs.
- It processes business transactions (inputs) to produce the desired result in the form of reports, statements, etc., (outputs).
- The reports, statements, etc., are meant for submission to different stakeholders (both internal and external parties/stakeholders) to help them in their decision-making process.
- And it may be noted here that the accounting information contained in the reports, statements, etc., helps the decision-makers in their decisions.
- Thus, accounting as an information system collect the data related to financial transactions, processes it by recording the transactions and preparing financial statements, storing them electronically according to the firm's recording system, and communicating the financial information to its users.
Hence, Accounting is also defined as an 'information system' because the function of accounting is to provide quantitative information, primarily financial in nature, about economic entities.
Attention UGC NET Students!
To make sure you are not studying endlessly, EduRev has designed UGC NET study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in UGC NET.
|
Explore Courses for UGC NET exam
|
|
Top Courses for UGC NETView all
Accounting is also defined as an information system because :a)The function of accounting is to provide quantitative information, primarily financial in nature, about economic entitiesb)Every system is ‘information systemc)Anyone can get required information from accountingd)Keeping systematic recordsCorrect answer is option 'A'. Can you explain this answer?
Question Description
Accounting is also defined as an information system because :a)The function of accounting is to provide quantitative information, primarily financial in nature, about economic entitiesb)Every system is ‘information systemc)Anyone can get required information from accountingd)Keeping systematic recordsCorrect answer is option 'A'. Can you explain this answer? for UGC NET 2024 is part of UGC NET preparation. The Question and answers have been prepared according to the UGC NET exam syllabus. Information about Accounting is also defined as an information system because :a)The function of accounting is to provide quantitative information, primarily financial in nature, about economic entitiesb)Every system is ‘information systemc)Anyone can get required information from accountingd)Keeping systematic recordsCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for UGC NET 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Accounting is also defined as an information system because :a)The function of accounting is to provide quantitative information, primarily financial in nature, about economic entitiesb)Every system is ‘information systemc)Anyone can get required information from accountingd)Keeping systematic recordsCorrect answer is option 'A'. Can you explain this answer?.
Accounting is also defined as an information system because :a)The function of accounting is to provide quantitative information, primarily financial in nature, about economic entitiesb)Every system is ‘information systemc)Anyone can get required information from accountingd)Keeping systematic recordsCorrect answer is option 'A'. Can you explain this answer? for UGC NET 2024 is part of UGC NET preparation. The Question and answers have been prepared according to the UGC NET exam syllabus. Information about Accounting is also defined as an information system because :a)The function of accounting is to provide quantitative information, primarily financial in nature, about economic entitiesb)Every system is ‘information systemc)Anyone can get required information from accountingd)Keeping systematic recordsCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for UGC NET 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Accounting is also defined as an information system because :a)The function of accounting is to provide quantitative information, primarily financial in nature, about economic entitiesb)Every system is ‘information systemc)Anyone can get required information from accountingd)Keeping systematic recordsCorrect answer is option 'A'. Can you explain this answer?.
Solutions for Accounting is also defined as an information system because :a)The function of accounting is to provide quantitative information, primarily financial in nature, about economic entitiesb)Every system is ‘information systemc)Anyone can get required information from accountingd)Keeping systematic recordsCorrect answer is option 'A'. Can you explain this answer? in English & in Hindi are available as part of our courses for UGC NET.
Download more important topics, notes, lectures and mock test series for UGC NET Exam by signing up for free.
Here you can find the meaning of Accounting is also defined as an information system because :a)The function of accounting is to provide quantitative information, primarily financial in nature, about economic entitiesb)Every system is ‘information systemc)Anyone can get required information from accountingd)Keeping systematic recordsCorrect answer is option 'A'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
Accounting is also defined as an information system because :a)The function of accounting is to provide quantitative information, primarily financial in nature, about economic entitiesb)Every system is ‘information systemc)Anyone can get required information from accountingd)Keeping systematic recordsCorrect answer is option 'A'. Can you explain this answer?, a detailed solution for Accounting is also defined as an information system because :a)The function of accounting is to provide quantitative information, primarily financial in nature, about economic entitiesb)Every system is ‘information systemc)Anyone can get required information from accountingd)Keeping systematic recordsCorrect answer is option 'A'. Can you explain this answer? has been provided alongside types of Accounting is also defined as an information system because :a)The function of accounting is to provide quantitative information, primarily financial in nature, about economic entitiesb)Every system is ‘information systemc)Anyone can get required information from accountingd)Keeping systematic recordsCorrect answer is option 'A'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice Accounting is also defined as an information system because :a)The function of accounting is to provide quantitative information, primarily financial in nature, about economic entitiesb)Every system is ‘information systemc)Anyone can get required information from accountingd)Keeping systematic recordsCorrect answer is option 'A'. Can you explain this answer? tests, examples and also practice UGC NET tests.
|
|
Explore Courses for UGC NET exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup