Accounting consists of three basic activities which are related to economic events of an organization. These include
A) identifying, recording, and communicating
B) identifying, calculating, and responding
C) classifying, numbering, and reporting
D) issuing, reporting, and classifying

Question

Quizplus · Accepted Answer

Accounting involves identifying (selecting and recognizing), recording (measuring and describing), and communicating (releasing financial statements, reports, and analyses) economic events of an organization. Option B, C, and D do not fully capture the essential accounting activities.

Accounting Consists of Three Basic Activities Which Are Related to Economic