In the REA accounting framework,the letter "R" stands for:
A)Resources
B)Recording
C)Remembering
D)Reporting

Question

Quizplus · Accepted Answer

In the REA accounting framework, the letter "R" stands for Resources. The REA framework is a database approach to accounting that identifies the resources (assets), events (transactions), and agents (people or organizations) involved in a business process. Resources refer to anything of value that is owned or controlled by an organization, such as cash, inventory, or equipment.

In the REA Accounting Framework,the Letter "R" Stands For