Which of the following defines financial accounting system?
A) Measures the cost of replacing an employee.
B) Provides the appropriate information to the external community.
C) Records transactions when money is either received or spent.
D) Provides information to the management of a business and aids in internal controls.
E) Records transactions when they occur.

Question

Quizplus · Accepted Answer

Financial accounting systems are designed to provide financial information to external parties such as investors, creditors, and regulatory agencies.

Which of the Following Defines Financial Accounting System