Question

Which statement below defines accounting?
a) It identifies, records, and communicates business transactions.
b) It contains a record of all transactions that cannot be measured in monetary units.
c) It is helpful in comparing the performance of one company against a competitor.
d) It is essential to help make business decisions.

Answer 1

The defining claim of accounting is that it identifies, records and communicates business transactions to help an organization make better decisions.

Accounting objectives

It helps a company to measure economic performance and make more effective decisions based on its financial records, developing more effective cost planning for the correct flow of business.

Therefore, accounting is an essential process for companies to assess their financial situation, demonstrate transparency, comply with legality and make decisions more in line with their objectives.

The correct alternative is letter a.

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