Question

The process of accounting involves recording of :

• A. An event which can be measured in terms of money (quantifiable economic event)
• B. An event which cannot be measured in terms of money (non-quantifiable economic event)
• C. Both A & B
• D. None of the above

Answer 1

The correct option is A

An event which can be measured in terms of money (quantifiable economic event)

Accounting is a process of recording of events which can be measured in terms of money i.e. quantifiable economic event.