Which of the Following Is the Most Correct Definition of Accounting

question 43

Multiple Choice

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

• A) A system for providing quantitative information, primarily financial in nature, about economic entities that is intended to be useful in making economic decisions.
• B) An entity without a profit objective, oriented toward providing services efficiently and effectively.
• C) The preservation of a systematic, quantitative record of an activity.
• D) The procedures and processes used by a company to analyze transactions and handle routine bookkeeping tasks.

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Definitions:

Fallacy Of Composition

An error in reasoning that arises from assuming that what is true of the parts must also be true of the whole.

Slippery Slope Fallacy

A logical fallacy suggesting that one small step will inevitably lead to a chain of related negative events.

Slippery Slope Fallacy

A logical fallacy that occurs when an argument falsely assumes that one action will lead to a series of other actions resulting in a negative outcome, without providing evidence for such a causal chain.

Fallacy Of Composition

The erroneous reasoning that what is true of the parts must also be true of the whole.