Accounting Defined Flashcards by Kirstelle Velez | Brainscape

Q

Process of identifying, measuring, and communicating economic information

A

ACCOUNTING

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Q

AAA

A

American Accounting Association

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Q

How Accounting works?

A

Identifying Business Transactions
Measure in Monetary Terms
Communicate Financial Information

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Q

True or False: It starts with communicating Financial Information for users to make economic decisions

A

FALSE

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Q

Comes into play by recognizing these transactions, measuring the monetary impact, group together similar transactions, and prepare a summarized report to the owner

A

ACCOUNTING

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