Recording of economic events involves
A) keeping a systematic, chronological diary of events.
B) analyzing reported information.
C) explaining the meaning of reported data.
D) preparing accounting reports.

Question

Quizplus · Accepted Answer

Recording economic events involves keeping a systematic, chronological diary of events. This involves documenting transactions and events as they occur in a company's financial activity. This information is then used to prepare financial statements and reports. The other options, such as analyzing reported information, explaining the meaning of reported data, and preparing accounting reports, may be part of the process, but they are not the main focus of recording economic events.

Recording of Economic Events Involves