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7 
B Reactive 
strategy 
Now try ... 
Attempt the questions below from the 
Practice Question Bank 
Q32 
Q33 
Q34 
Q35 
ANSWERS TO QUICK QUIZ 
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197 
Accounting and reporting systems,
controls and compliance
part
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PART C: ACCOUNTING AND REPORTING SYSTEMS, CONTROLS AND COMPLIANCE 
 
198
 
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199 
C H A P T E R 
TOPIC LIST 
SYLLABUS 
REFERENCE 
1 The purpose of accounting information 
C2 (a),(b)
2 Nature, principles and scope of accounting 
C2 (a),(b)
3 The regulatory system 
C2 (a), C3 (a)-(c)
4 Internal and external financial information 
C4 (a),(b)
5 Control over business transactions 
C5 (a)
6 The main business financial systems 
C5 (b)-(f)
7 Manual and computerised accounting systems 
C5 (h)
8 Databases 
and 
spreadsheets 
C5 (g)
The role of accounting
It is important to understand why accounts are prepared. 
Sections 1 and 2
of this chapter introduce some basic 
ideas about accounts and give an indication of their 
purpose. You also need to consider what makes 
accounting information useful, and the qualities which 
such information should have. 
We outline the standard setting process in 
Section 3
. 
In 
Section 4
, we will look at the types of accounting 
information produced.