Accounting produces financial statements,which report information about a business entity.

Question

Quizplus · Accepted Answer

Accounting is the process of recording, classifying, and summarizing financial transactions of a business entity. One of the main outputs of accounting is financial statements, which provide information about the financial position, performance, and cash flows of a company. Therefore, the statement "Accounting produces financial statements, which report information about a business entity" is true.

Accounting Produces Financial Statements,which Report Information About a Business Entity