The correct answer is: C. All of them
The accounting process involves recording all economic events, whether they are quantifiable or not. Quantifiable economic events are those that can be expressed in monetary terms, such as sales, purchases, and expenses. Non-quantifiable economic events are those that cannot be expressed in monetary terms, such as the hiring of a new employee or the development of a new product.
All economic events are important to record because they provide information about the financial performance of a business. Quantifiable economic events provide information about the amount of money that a business has earned or spent. Non-quantifiable economic events provide information about the resources that a business has acquired or used.
The accounting process is important because it helps businesses to track their financial performance and make informed decisions about their future. By recording all economic events, businesses can identify trends in their financial performance and make changes to their operations as needed.
Here is a brief explanation of each option:
- Quantifiable economic event is an economic event that can be expressed in monetary terms. Examples of quantifiable economic events include sales, purchases, and expenses.
- Non-quantifiable economic event is an economic event that cannot be expressed in monetary terms. Examples of non-quantifiable economic events include the hiring of a new employee or the development of a new product.
- All of them is the correct answer because the accounting process involves recording all economic events, whether they are quantifiable or not.