Information and communication includes all of the following except:
A)identifying and recording all valid transactions.
B)determining the time period in which transactions occurred.
C)communicating price changes to customers.
D)properly presenting transactions and related disclosures in the financial statements.

Question

Quizplus · Accepted Answer

Information and communication in the context of accounting and financial reporting primarily involve identifying, recording, and presenting transactions and their disclosures in financial statements. Communicating price changes to customers, while important for business operations, does not fall under the typical scope of accounting information and communication processes.

Information and Communication Includes All of the Following Except