Q38
An accounting which records and measures business transactions and is followed by general accepted accounting principles is classified as
A.
external accounting
B.
internal accounting
C.
business accounting
D.
financial accounting
AnswerAnswer: Option D
Solution
Answer: Option D
Solution:
An accounting which records and measures business transactions and is followed by general accepted accounting principles is classified as financial accounting. Financial accounting is a specific branch of accounting involving a process of recording, summarizing, and reporting the myriad of transactions resulting from business operations over a period of time.