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

Question

Quizplus · Accepted Answer

The accounting process involves identifying economic transactions, recording them in a systematic and regular manner, communicating financial information through financial reports, and analyzing and interpreting financial reports to make informed business decisions. However, recording nonquantifiable economic events is not a part of the accounting process as accounting deals with monetary transactions.

The Accounting Process Involves All of the Following except