Match the term with the statement that best defines it.
-Consists of all methods and records used to accurately report an entity's transactions.
A)Accounting controls
B)Accounting system
C)Administrative controls
D)Audit committee
E)Board of directors

Question

Quizplus · Accepted Answer

An accounting system is the set of methods and records used to accurately report an entity's transactions.

Note: Accounting controls refer to the policies and procedures designed to ensure the accuracy and reliability of financial reporting, while administrative controls relate to the management of an organization's operations. The audit committee and board of directors are two important components of corporate governance.

Match the Term with the Statement That Best Defines It