Which of the following systems is not a ‘so called’ Regulated Accounting System?

Question

Which of the following systems is not a ‘so called’ Regulated Accounting System?

a. Financial Accounting or Generally Accepted Accounting Principles (GAAP). Provide the basis for traditional accounting information systems and internal controls.

b. Tax Accounting. This is the collection of data to meet rules set by Congress and enforced by the Internal Revenue Service (IRS).

c. Management Accounting. This is the collection of data and reports managers use to make decisions, plan and control organizations.

d. Cost Accounting. This aspect of cost accounting is to comply with rules set by the Federal government for government contractors. Rules set by the Cost Accounting Standards Board (CASB).

e. All of the above are considered regulated accounting systems.

Explanation / Answer

c. Management Accounting. This is the collection of data and reports managers use to make decisions, plan and control organizations. is the correct answer!

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