Accounting is defined as the process of: A)Reporting assets, liabilities, stockh

Question

Accounting is defined as the process of:

A)Reporting assets, liabilities, stockholders’ equity, revenues, expenses, and dividends to investors and creditors for their decision-making purposes

B)Identifying, measuring, and communicating economic information about an organization for the purpose of making decisions and informed judgments

C)Accruing, adjusting and closing the financial statements to provide the most relevant and reliable financial information possible for the purpose of making decisions and informed judgments

D)Providing financial information so that potential investors or creditors can make their own predictions of future earnings

Explanation / Answer

Option B)

Identifying, measuring, and communicating economic information about an organization for the purpose of making decisions and informed judgments

Option B)

Identifying, measuring, and communicating economic information about an organization for the purpose of making decisions and informed judgments

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