The means by which the accounting system collects, summarizes, and reports accounting information is called information
A) reporting methods
B) accounting methods
C) control methods
D) processing methods

Question

Quizplus · Accepted Answer

Processing methods refer to the means by which accounting data is collected, organized, and summarized before being reported. Information reporting methods refer specifically to the ways in which the summarized data is presented to users of the accounting system. Accounting methods refer to the rules and principles that govern how financial transactions are recorded and reported. Control methods refer to the techniques used to monitor and regulate the accounting process to ensure accuracy and prevent fraud.

The Means by Which the Accounting System Collects, Summarizes, and Reports