Which of the following statements about accounting and bookkeeping is most true?
A)The FASB Conceptual Framework is relevant in accounting, but not in bookkeeping.
B)The FASB Conceptual Framework is relevant in bookkeeping, but not in accounting.
C)As an element of the AIS, internal controls are irrelevant to bookkeeping.
D)As an element of the AIS, outputs are relevant to accounting.

Question

Quizplus · Accepted Answer

The FASB Conceptual Framework is relevant in both accounting and bookkeeping, and internal controls are important in both as well. However, outputs are a relevant element of accounting specifically, as they represent the financial statements and reports generated by the accounting process.

Which of the Following Statements About Accounting and Bookkeeping Is