The correct answer is D. Accounting in modern age is regarded as the art of recording, classifying and summarising the business transactions in monetary units, the language of business, and the source of business information.
Accounting is the process of recording, classifying, summarizing, and reporting financial information. It is used to track the financial performance of a business, and to provide information to decision-makers. Accounting is also used to comply with government regulations.
Accounting is often referred to as the language of business because it is used to communicate financial information. Financial statements are prepared using accounting principles, and these statements are used by investors, creditors, and other stakeholders to make decisions about a business.
Accounting is also the source of business information. Financial statements provide information about a business’s assets, liabilities, equity, income, and expenses. This information can be used to assess a business’s financial health, and to make decisions about whether to invest in or lend money to the business.
In conclusion, accounting is a vital part of business. It is used to track financial performance, to communicate financial information, and to make decisions about a business.