Question

1)

i)Why do employees need to understand legislative requirements?

ii)What is an accounting system?

Answer 1

1)

i) Employees need to understand the legislative requirements because organizations have their own set of rules and regulations. Every organization has to follow certain rules and regulations. Employees also are not out of the purview of those rules and regulations. Employees also have some important roles to play in an organization. They need to follow some code of conducts, authorities and hierarchy. If they do not understand the legislative requirements then they will not be able to deliver their best to the organization and also there is a chance of occurrence of Conflict between the Employees and the Management of the organisation.

ii) Accounting means Recording, Classifying, Summarizing and preparing useful information to present to the information users. So accounting is not a single functions it includes more than one functions.

An accounting system means a manual of computerized mechanism which serves all the needs of accounting. So accounting system means an integrated system which records, classifies, process and makes information for every transaction occurring in an organization.