A System of Recording, Classifying, and Summarizing Financial Transactions Is

question 9

Multiple Choice

A system of recording, classifying, and summarizing financial transactions is called

• A) bookkeeping.
• B) accounting.
• C) accruing.
• D) depreciation.

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Definitions:

Credit

The granting of money or something of value with the expectation of repayment, or the reputation for solvency and reliability that allows an entity to borrow.

Revenue Opportunities

Potential scenarios or strategies that can lead to increased income or profits for a business or organization.

Public Utility Corporation

A company that provides essential public services, such as water, electricity, and natural gas, regulated by government entities.

Legislation

The process of making or enacting laws, or the body of laws that have been enacted by a legislative body.