Question

Accounting information systems is an important area of study for future accountants because a well-designed AIS can respond to many elements of the FASB Conceptual Framework. All of the following are parts of the conceptual framework except:

Answer 1

Accounting information systems is an important area of study that is related to various elements of the FASB Conceptual Framework, except for the measurement of elements.

Step-by-step explanation:

The parts of the conceptual framework that are important for accounting information systems (AIS) include:

1. Objective of financial reporting: AIS can help in generating financial reports that provide relevant information to users.
2. Qualitative characteristics of useful financial information: AIS can ensure that the information generated is relevant, reliable, and comparable.
3. Elements of financial statements: AIS can capture and record transactions and events to reflect the elements of financial statements accurately.

The part of the conceptual framework that is not directly related to AIS is the measurement of elements.