AIS is an important area of study for future accountants, since a well-designed AIS can respond to many elements of the FASB Conceptual Framework.Indicate which element of financial statements from the FASB Conceptual Framework best describes each item below.
a.Accounts payable
b.Cash
c.Common stock
d.Cost of goods sold
e.Depreciation expense
f.Interest earned
g.Inventory
h.Loss on sale of land
i.Retained earnings
j.Sales

Question

Quizplus · Accepted Answer

The Answer of AIS is an important area of study for future accountants, since a well-designed AIS can respond to many elements of the FASB Conceptual Framework.Indicate which element of financial statements from the FASB Conceptual Framework best describes each item below.
a.Accounts payable
b.Cash
c.Common stock
d.Cost of goods sold
e.Depreciation expense
f.Interest earned
g.Inventory
h.Loss on sale of land
i.Retained earnings
j.Sales

AIS Is an Important Area of Study for Future Accountants