The accounting process involves all of the following except
A) identifying economic events that are relevant to the business.
B) communicating financial information to users by preparing financial reports.
C) recording non-quantifiable economic events.
D) analyzing and interpreting financial reports.

Question

Quizplus · Accepted Answer

The accounting process involves identifying economic events (A), recording them (which would only include quantifiable events), and communicating financial information through the preparation of financial reports (B). Analyzing and interpreting financial reports is also a critical part of the accounting process (D). Therefore, the only option that does not involve the accounting process is recording non-quantifiable economic events (C).

The Accounting Process Involves All of the Following Except