Accounting is defined as the process of identifying, __________, recording and communicating economic information to permit informed judgements and economic decisions by users of the information.

Question

Quizplus · Accepted Answer

The definition of accounting refers to measuring economic information, which is the process of quantifying financial transactions and events to develop financial reports. Therefore, measuring is the most appropriate choice. Verifying means conducting a review or examination to ensure the accuracy of information, which is only a part of the accounting functions. Interpreting is the process of analyzing and explaining financial information and its meaning and implications, which falls under the purview of financial analysts. Processing refers to the systematic handling of financial information, which is the function of bookkeeping or accounting systems.

Accounting Is Defined as the Process of Identifying, __________, Recording