An internal accounting system should:

A) provide information to enable costs to be minimized
B) provide financial accounting data for external reporting purposes
C) provide management accounting information for decision-making
D) provide data for tax purposes
E) all of the above

Internal Accounting System

The accounting system that collects, aggregates, and generates and distributes budgeted and actual financial and cost information within the firm for use by executives and managers for both decision making and control.

Management Accounting

The accounting system used within the organization to help the organization achieve its goals.

Financial Accounting

Accounting for the revenues, expenses, assets, liabilities, and equities of an organization, concentrating on external users (shareholders, lenders, and government). Constrained by FASB rulings and other generally accepted accounting principles.