16.The most important function of an accounting system is to: Select one: a. collect and record data. b. keep employees from embezzling funds. c. provide information for decision-making, planning and control. d. prepare accounting reports.

17.The Cashflow Statement focuses on cash inflows and outflows. Select one: True False

18.Which of these is a reason why achieving the maximum possible profit in a particular year may not be in the best interests of a business? Select one: a. If it is achieved with high-risk strategies, such as excessive reliance on borrowings, it could lead to disaster in the longer term. b. It may be achieved by causing environmental problems, which give the business a bad reputation. c. Concentrating on the short-term may have detrimental effects in the long-term. d. All of the above.

19.Which of these is not one of the key qualities of accounting information? Select one: a. Timeliness. b. Reliability. c. Control. d. Relevance.