Which of the following best pairs an element of bookkeeping with an example of the element?
A)Identifying economic information, reading a balance sheet
B)Identifying economic information, preparing a balance sheet
C)Measuring economic information, reading a balance sheet
D)Measuring economic information, preparing a balance sheet

Question

Quizplus · Accepted Answer

Measuring economic information involves quantifying and recording financial transactions, which is necessary in preparing a balance sheet. Reading a balance sheet would fall under identifying economic information as it involves interpreting the financial data presented on the sheet.

Which of the Following Best Pairs an Element of Bookkeeping