5. The field of accounting may best be described as: A. Recording the financial transactions of an economic entity. B. Developing information in conformity with gene C. The art of interpreting, measuring, and describing economic activity. D. Developing the information required for the preparation of income tax returms. The basic purpose of an audit is to: rally accepted accounting principles 6. A. Assure financial statements are in confomity with GAAP B. Provide as much useful information to as C. Record changes in the financial position of an organization by al GAAP. dlecision makers as possible, regardless of cost. n of an organization by applying the concepts of double entry accounting. D. Meet an organization's need for accounting information as efici