Financial accounting is the process of identifying, measuring, and communicating financial information about an economic entity to various user groups within the political, social, legal and economic environment. The four major elements of financial accounting are: (Select four that best describe the major elements.) A. Rules-based standards - standards consistent with specific, prescriptive rules. B. Economic entities - An economic entity is an organization or unit whose activities are separate from its owners and other entities. Economic entities can be corporations
