“Accounting is merely recording economic events.” Do you agree? Explain.
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An accounting event is a transaction that is recognized in the financial statements of an accounting entity. A company must record in its accounting records any economic event that impacts the company's finances. Examples of accounting events include such things as recording the depreciation of an asset, the payment of dividends to investors, the purchase of materials from a supplier, and the sale of goods to a customer.
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accounting is the process to know that business is going in profit or loss
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