Question

Match each of the principles and phases in the development of an accounting system with the statement that best describes them.

1. Information must be understandable, relevant, reliable, timely, and accurate.
2. Benefits of information must outweigh the cost of providing it.
3. The system should accommodate a variety of users and changing information needs.
4. The accounting system must consider the needs and knowledge of various users.
5. The system should be capable of meeting the changes in the demands made upon it.
a. Useful output
b. Cost effectiveness
c. Flexibility

Answer 1

. Useful output

Cost effectiveness

Flexibility

Useful output

Flexibility

Step-by-step explanation:

Accounting principles are guidelines that should guide companies when reporting financial data.

If the output is useful, it would contain the information needed by users of accounting information in terms they understand, on time and it should not be misleading

The accounting information should be cost effective. It should be profitable to the company to provide the information. The cost of providing the information should be less than the cost

The information should be flexible. It should not only be suitable for only some particular users of accounting information but to all users of accounting information