Question

According to the American Accounting Association (AAA), accounting is:

• A. The art of maintaining ledgers
• B. Only for profit calculation
• C. The process of identifying, measuring, recording, and classifying economic information to permit informed judgment and decisions by users
• D. The science of financial forecasting

Answer 1

Answer:

C. The process of identifying, measuring, recording, and classifying economic information to permit informed judgment and decisions by users

According to American Accounting Association (AAA):

Accounting is the process of identifying, measuring, recording and classifying economic information to permit informed judgement and decisions and users of the information”