• A.

  a, b and d

• B.

  b, c, d and e

• C.

  a, b and e.

• D.

  a, d and e.

• E.

  a, b, c, d and e.

(a) Which of the following statements are correct? Accounting is a process that involves three activities namely identification of transactions, recording of transactions and communication of information recorded via the financial statements of the entity. (b) A religious institution can also be classified as an entity. Accounting is a non-specialised method that is used to communicate financial information about an entity to interested persons or entities. (d) Financial statements for a business entity will only comprise of a statement of profit or loss and other comprehensive income, a statement of financial position and a statement of changes in equity for the period. Accounting is defined as the orderly and systematic identification and recording of the monetary values of financial transactions of an individual or business entity. (c) (e)