Accounting is a service activity and its function is to provide quantitative information, primarily financial in nature, about economic entities, that is intended to be useful in making economic decision. This accounting definition is given by

All of the following describe accounting, except:

This accounting process is the recognition or non-recognition of business activities as accountable events

The events that affect the entity and in which other entities participate are known as 

Which statement is incorrect  in relation to an accountable event?