Asked by Kameron Teague on Apr 24, 2024

Which of the following best describes accounting?

A) records economic data but does not communicate the data to users according to any specific rules
B) is an information system that provides reports to users regarding economic activities and condition of a business
C) is of no use by individuals outside of the business
D) is used only for filling out tax returns and for financial statements for various type of governmental reporting requirements

Accounting Description

A detailed account or explanation of the nature, features, and implications of an accounting entry or policy.

Economic Activities

Actions that involve the production, distribution, and consumption of goods and services within an economy.

  • Pinpoint the diverse types of financial information consumers and the function of multiple financial statements.