Which of the following is NOT an element of the financial accounting system?
A)A set of rules for determining the recording of economic events
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 comprises a set of rules and frameworks for recording, classifying, and summarizing financial transactions into financial statements. The controls are put in place to detect and prevent errors in the recording process. However, the stock exchange is not an element of the financial accounting system, as it is a marketplace where securities are traded.

Which of the Following Is NOT an Element of the Financial