Which of the following is not an element of the financial accounting system?
A)Rules for determining what,when and the amount that should be recorded
B)A framework for preparing financial statements
C)A set of rules for the stock exchange
D)Controls to determine whether errors occur during recording

Question

Quizplus · Accepted Answer

The financial accounting system includes rules for determining what, when, and the amount that should be recorded, a framework for preparing financial statements, and controls to determine whether errors occur during recording. However, a set of rules for the stock exchange is not an element of the financial accounting system, as the stock exchange is a separate entity that governs the trading of securities.

Which of the Following Is Not an Element of the Financial