Which of the Following Is the Most Appropriate Definition of Accounting

question 67

Multiple Choice

Which of the following is the most appropriate definition of accounting?

• A)the information system that identifies, records, and communicates the economic events of an organization to interested users
• B)a means of collecting information
• C)the interconnected network of subsystems necessary to operate a business
• D)electronic collection, organization, and communication of vast amounts of information

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Definitions:

Unilateral Mistake

A misunderstanding or error made by one party in a contract, which may not necessarily void the contract.

Misrepresentation

The assertion of a fact that is not in accord with the truth. A contract can be rescinded on the ground of misrepresentation when the assertion relates to a material fact or is made fraudulently and the other party actually and justifiably relies on the assertion.

Material Fact

A fact that is significant or essential to the issue or matter at hand, and if known, could influence an individual's decision in a transaction, contract, or legal case.

Reliance

The act of depending or counting on something or someone; in legal contexts, it often refers to actions taken based on the trust in a promise or statement by another party.