Which of the following best describes Accounting?
A) is an information system that provides reports to its stakeholders regarding economic activities and the condition of the business
B) is used only for filling out tax returns and for financial statements for various types of governmental reporting requirements
C) records economic data but does not communicate the data to users according to any specific rules
D) is of no use by individuals outside of the business
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(A) is the best suited ans for the term accounting.
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Accounting refers to the systematic and detailed recording of financial transactions relating to a business. It also refers to the process of summarizing, analyzing and reporting these transactions to oversight agencies, regulators and tax collection entities. The financial statements provided by the entity gives a clear picture to the stakeholders relating to company's operations, financial position and cash flows over a particular period .
Option A is correct.
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