An accounting system is a set of accounting processes with integrated procedures and controls. The intent of an accounting system is to record business transactions, summarise those transactions into an aggregated form, and create reports that can be used by decision makers to monitor, analyse, and improve operations.

Required:

(a) Explain the goal of accounting system.

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(b) Describe the THREE (3) benefits of information.

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(c) Distinguish the FOUR (4) cost of producing information.

(d) List FOUR (4) characteristics that make information useful.