Suresh Kumar has prepared the following list of statements about accounting information systems.
1. The accounting information system includes each of the steps of the accounting cycle, the documents that provide evidence of transactions that have occurred, and the accounting records.
2. The benefits obtained from information provided by the accounting information system need not outweigh the cost of providing that information.
3. Designers of accounting systems must consider the needs and knowledge of various users.
4. If an accounting information system is cost-effective and provides useful output, it does not need to be flexible.

Instructions
Identify each statement as true or false. If false, indicate how to correct the statement.