AIS Is an Important Area of Study for Future Accountants

AIS is an important area of study for future accountants because a well-designed AIS can respond to many elements of the conceptual framework.Which of the following statements is most true?

A) Land is reported as an asset on the balance sheet; assets are one element of financial statements in the conceptual framework.
B) The difference between land's current market value and its historical cost is reported as a gain on the income statement; gains are one element of financial statements in the conceptual framework.
C) Because of the qualitative characteristic of consistency, publicly traded corporations cannot change their accounting methods.
D) Because of the qualitative characteristic of reliability, publicly traded corporations cannot change their accounting methods.