Question

Accounting in modern age is regarded as ___________.

• A. the art of recording, classifying and summarizing the business transactions in monetary units
• B. the languages of business
• C. the source of business information
• D. all of the above

Answer 1

The correct option is D all of the above

Accounting is an art of recording, classifying and summarizing the monetary business transactions. Accounting provides detailed information to the respective stake holders. Interested stake holders are creditors, lenders, customers, present and potential investors. Accounting is a language of business. Financial Statements provides the necessary business information to the management and other stake holders.