Accounting is an information and measurement system that: A Identifies economic activities. B Records economic activities. C Communicates economic information. D Identifies and records economic activities. E All of these answers are correct. The recording of financial transactions cither manually or electronically is called: A Accounting. B. Bookkeeping. C Preparing financial statements. D Auditing. E Systems design. A business: A Is one or more individuals selling products or services for profit. B Can only have one legal form of organization. C Can have adequate financial records without a formal accounting system. D Has to issue shares before it opens. E Is one or more individuals selling products or services for profit and has to issue shares before it opens. Businesses can take the following form(s): A Sole proprietorship. B Not-for-profit. C Partnership. D Sole proprietorship and partnership. E All of these answers are correct