Which of the following best defines accounting?

A. The information system that identifies, measures, and communicates the economic events of an organization to interested users.

B. The procedures for collecting information about the production of merchandise and services for sale to customers.

C. The interconnected network of financial information used to track the cash flows of a business organization.

D. The system of electronic collection, organization, and communication of valuation information.

E. The processing system and regulatory rules for determining the fair market value of a.

Question

James Roach

Business

3 August, 22:03

Which of the following best defines accounting?

A. The information system that identifies, measures, and communicates the economic events of an organization to interested users.

B. The procedures for collecting information about the production of merchandise and services for sale to customers.

C. The interconnected network of financial information used to track the cash flows of a business organization.

D. The system of electronic collection, organization, and communication of valuation information.

E. The processing system and regulatory rules for determining the fair market value of a.

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Answers (1)

Know the Answer?

Alivia Davidson · Answer 1

Answer: Option (A) is correct

Explanation:

Accounting is known as the systematic and inclusive documentation of transactions (financial) belonging to an organization. This can also be referred to as the process of encapsulating, determining and reporting these dealings to an agency, individuals and entities responsible for tax collection. Accounting can also be stated as the information system that determines, evaluates, and communicates economical events of a business to interested individuals.