A system used to record, classify, summarize and report the financial position of a business is known as which of the following? O Distribution
Accounting
Human resources
Management

Accounting.

Explanation:

A system used to record, classify, summarize and report the financial position of a business is known as accounting.

In Business management, there are primarily three (3) types of accounting and these are;

1. Cost accounting.

2. Managerial accounting.

3. Financial accounting.

The importance of accounting is to help individuals or businesses to keep track of their income, revenues and expenses and to provide financial information for investors and governmental agencies, as well as to help in decision making.

An individual who is saddled with the responsibility of performing these accounting processes, procedures or tasks is known as an accountant or bookkeeper.