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Preparation of Statement of Profit and Loss

by definition...

Question

____________by definition, is the process of identifying, recording, classifying and summarising financial transactions to produce the financial reports for their ultimate analysis.

A

Cost accounting

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B

Accounting

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C

Management accounting

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D

Financial accounting

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Solution

The correct option is A Accounting
Accounting, by definition, is the process of identifying, recording, classifying and summarising financial transactions to produce the financial reports for their ultimate analysis.

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Q. Accounting is a process of recording, classifying, summarising, analysing and interpreting the financial transactions and communicating the result thereof to the users of such information. State whether the statement is true or false.

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