Question

Recording, classifying, and summarizing economic events in a logical manner for the purpose of providing financial information for decision making is commonly called:

A) finance.
B) auditing.
C) accounting.
D) economics.

Answer 1

C) Accounting is the process of recording, classifying, and summarizing economic events to provide financial information for decision making.

Step-by-step explanation:

Recording, classifying, and summarizing economic events in a logical manner for the purpose of providing financial information for decision making is commonly called accounting. Accounting is the process of gathering, analyzing, and reporting financial information about an organization or individual. It involves activities such as recording transactions, preparing financial statements, and analyzing financial data to help make informed business decisions.