Which of the Four Stages of the Accounting Process Is

question 6

Multiple Choice

Which of the four stages of the accounting process is considered to require the most extensive training, experience and judgement?

• A) Identifying
• B) Measuring
• C) Communicating
• D) Planning

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Definitions:

Repayment

The act of paying back money previously borrowed from a lender.

Net Income

The amount of money that remains after all operating expenses, taxes, and interest have been deducted from total revenue; also referred to as net profit.

Net Cash

The amount of cash available after accounting for cash inflows and outflows over a period.