Which of the following are true about accounting?
A) Accounting is a system of record keeping
B) Accounting focuses on cash flow
C) Accounting emphasizes financial theory
D) Both a & b

Question

Quizplus · Accepted Answer

Accounting is primarily a system of record keeping that involves organizing and summarizing financial transactions to provide information for decision making. Though cash flow is an important aspect of accounting, it is not the sole focus. Financial theory is also a part of accounting, but not the main emphasis.

Which of the Following Are True About Accounting