The word "accounting" does not correspond to one activity or form of calculation. There are varieties of accounting. To know what managerial accounting, it is useful to distinguish it from $$nancial accounting, tax accounting, and auditing. What is a simple de$$nition of $$nancial accounting?

Group of answer choices

The activity of reducing the tax liability for an organization given the tax laws and accepted accounting practices

The activity of producing numbers useful to managers to make cost$-$effective decisions.

The activity of recording, summarizing and reporting the economic transactions of an organization

The activity of verifying and attesting the $$nancial records of an organization