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JAMB Principles of Accounts 1995 Question 3

Question 3

Introduction to Accounting

An effective accounting system should provide information

  1. A.on new products and methods
  2. B.for customer feedback and requirements
  3. C.on internal and external reporting for managers and third parties
  4. D.for promoters, directors, labour unions and distributors.
Show the answer and explanation

Answer: C (on internal and external reporting for managers and third parties)

Explanation

A good accounting system serves both internal users (managers) and external users (investors, lenders, government).