Question

Which three activities are part of the function of accounting?

Answer 1

The 3 activities which are part of the function of accounting includes:

• Classifying financial transactions
• interpreting financial transactions
• Recording financial transactions

Accounting (including bookkeeping) refers to the process of recording, preparing, analyzing and interpreting financial information or statements for future purpose.

As regards the options, 3 activities which are part of the function of accounting includes:

• Classifying financial transactions
• interpreting financial transactions
• Recording financial transactions

In conclusion, the process of accounting helps to identifies, records, classifies and communicate the company's economic events to interested users.

Missing word includes "1. prioritizing financial transactions 2. classifying financial transactions 3. planning financial transactions 4. interpreting financial transactions 5. recording financial transactions"

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