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TRUE/FALSE 1.According to the REA philosophy, information systems should support only

Question : TRUE/FALSE 1.According to the REA philosophy, information systems should support only : 1819513

TRUE/FALSE

1.According to the REA philosophy, information systems should support only the needs of accounting professionals.

2.Many believe that the accounting profession should shift away from financial statement reporting toward providing information that assists decision-making.

3.Modern managers need both financial and nonfinancial information that traditional GAAP-based accounting systems are incapable of providing.

4.The REA model is an alternative accounting framework for modeling an organization’s critical resources, events, and accounts.

5.In REA, resources are assets that include accounts receivable.

6. REA modeling embraces two classes of events: economic events and support events.

7.At least two REA agents participate in each an economic event.

8.The events depicted on an REA diagram are transformed into computer processes while the resources and agents become relational database tables.

9.Under the REA approach support events may directly affect a change in resources.

10.An example of an economic event is checking customer credit prior to processing a sale.

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