Accounting Consists of Three Basic Activities Which Are Related to Economic

question 144

Multiple Choice

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

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Definitions:

Department

A distinct area, division, or branch of an organization focused on a specific set of tasks or functions.

Cost Center Managers

Individuals responsible for overseeing a business unit that does not directly contribute to profit but incurs costs, focusing on controlling and reducing those costs.

Controlling Costs

The process of planning, monitoring, and managing expenses to ensure they don't exceed budgeted amounts.

Budgeted Costs

Estimated expenses planned for a specific period, used for financial planning and monitoring.