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:

Longevity

The length of time an individual or entity has been in existence or operational, often used in the context of work tenure or product durability.

Defined Contribution Plans

Retirement plans in which employees contribute a fixed amount or percentage of their salaries, and the final benefits depend on the plan's investment performance.

Mandatory Benefits

Benefits that employers are legally required to provide to their employees, including social security, workers' compensation, and unemployment insurance.

Total Compensation

The complete pay package for employees, including all forms of money, benefits, services, and in-kind payments.