Questions: Select all that apply Which three activities are part of the function of accounting? - planning financial transactions - interpreting financial transactions - classifying financial transactions - recording financial transactions - prioritizing financial transactions

The activities that are part of the function of accounting are:

• Interpreting financial transactions
• Classifying financial transactions
• Recording financial transactions

Here’s a brief explanation for each option:

1. Interpreting financial transactions: This is correct. Accounting involves analyzing and interpreting financial data to provide insights and support decision-making.

2. Classifying financial transactions: This is correct. Accounting includes categorizing financial transactions into appropriate accounts to ensure accurate financial reporting.

3. Recording financial transactions: This is correct. One of the primary functions of accounting is to systematically record all financial transactions in the books of accounts.

4. Planning financial transactions: This is incorrect. While planning is an important aspect of financial management, it is not typically considered a core function of accounting.

5. Prioritizing financial transactions: This is incorrect. Prioritizing transactions is not a standard function of accounting. Accounting focuses more on recording, classifying, and interpreting financial data rather than prioritizing transactions.

Thus, the correct activities that are part of the function of accounting are interpreting, classifying, and recording financial transactions.