Accounting Can Be Defined As

question 11

Multiple Choice

Accounting can be defined as:

• A) the process of preparing and auditing an entity's financial statements.
• B) the process of identifying, measuring, and communicating economic information about an organization for the purpose of making decisions and informed judgments.
• C) the process of communicating the financial results of corporate activities to investors and regulatory bodies.
• D)None of the above definitions are correct.
• E) A, B and C are correct.

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Definitions:

Strategic Direction

The long-term path or course of action that an organization intends to follow to achieve its goals and objectives.

Multiproduct Firm

A company that markets and sells multiple product lines under one umbrella, often in related fields.

Customer Value

The valuation of a product or service by a consumer against its alternatives.