Target Exam

CUET

Subject

-- Accountancy Part C

Chapter

Overview of Computerised Accounting System

Question:

.................... are the end products of the accounting process, which are prepared in accordance with generally accepted accounting Principles (GAAP).

Options:

Financial statements

Accounting code

Data element

Procedure

Correct Answer:

Financial statements

Explanation:

The correct answer is option 1- Financial statements.

Financial statements are the end products of the accounting process, which are prepared in accordance with generally accepted accounting Principles (GAAP).

 

OTHER OPTIONS

  • Procedure- A logical sequence of actions to perform a task.
  • Accounting code refers to a system used to classify financial transactions.
  • Data element is a general term for a unit of data.