Communication of Economic Events Is the Part of the Accounting

question 197

Multiple Choice

Communication of economic events is the part of the accounting process that involves

• A) identifying economic events.
• B) quantifying transactions into dollars and cents.
• C) preparing accounting reports.
• D) recording and classifying information.

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Definitions:

Multiplication

A fundamental arithmetic operation that combines two quantities to find their product.

Correct

Free from errors or inaccuracies; to make or set right.

Cent

A unit of currency equaling one hundredth of various dollar bills and other units of currency.

Four-figure Accuracy

A level of precision in numerical representation where only the first four digits are considered significant.