Kindly help me in the step 1 of Accounting CycleShow the following1. IDENTIFYING AND ANALYZING business documents or transaction The transactions they had for December 2020 is advanced view of what is to come for the shop in 2021:Sales (framed articles)Framing Projects (delivered but not yet paid)Php 46 750.00Php 67 740.00Php 25 000.00Php 33 580.00Php 15 450.00Php 25 550.00Php 3 675.00Php 10 540.00Payroll (2 personnel)Cash (30 November)RentalPurchases (framing materials)Purchases (framing supplies)Collection of accounts receivableSHOW THE FOLLOWING:1) IDENTIFYING AND ANALYZING business documents or transactions.

Business documents are the various documents based on which the transactions are recorded in the…

Answered: 1. IDENTIFYING AND ANALYZING business…

Business

Accounting

1. IDENTIFYING AND ANALYZING business documents or transaction

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: What are the similarities and differences between the Transaction Detail by Account and the General…

A: In QuickBooks, both the "Transaction Detail by Account" report and the "General Ledger" report…

Q: ______codes are used to organize a company's assets and liabilities into categories within a chart…

A: The company uses assets to run the business and create some liabilities. The company should record…

Q: how managers (internal user) and customers (external user) use accounting information? Give one…

A: Introduction:- Users of accounting information are classified into two types as follows under:-…

Q: What are the uses of manual accounting information systems in business? What are the benefits of…

A: Manual accounting information system is the system of bookkeeping in which business transactions and…

Q: users of accounting information

A: The financial information is presented in the financial statement of the company that reflect the…

Q: What are the key features to consider when selecting an accounting system for a business?

A: An accounting system for a business is a set of processes, procedures, and software applications…

Q: Define the following in relation to sage accounting pastel system 1. Computerized accounting system…

A: Comment- Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…

Q: describe the process of recording business transactions using an accounting system based on the…

A: There are different processes of recording business transactions. One of them is an accounting…

Q: Question: What is an Accounting Information System (AIS) ? discuss any four points.

A: Modern businesses require relevant, timely, and high-quality details concerning their internal…

Q: Analyze typical business transactions and choose suitable account headings for your income…

A: 1. Journal Entries - Journal Entries are the recording of transactions of the organization. It is…

Q: 1. The --------------data model was developed specifically for use in designing accounting…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: What are source documents? Provide examples of source documents that a business might use.

Q: From the options given below recognize a process that records the routine economic activities of the…

A: Book keeping is a process that records the routine economic activity of the business and…

Q: Who will create and maintain the accounting systemthat you use to record routine business…

A: An accounting system is a system utilized in an organization to record transactions. It tends to be…

Q: Analyze business transactions using the accounting equation.

A: Accounting equation is based on double entry system of accounting which says that for every…

Q: Identify steps in the accounting cycle.

A: Accounting cycle: Accounting cycle is a step by step process that starts with the analyzing the…

Q: Choose the term or phrase below that best completes statement: __________ is the recording of…

A: Account: It can be defined as a record that is maintained in the accounting system to track the…

Q: Documentation is required in helping varying degrees of user sophistication in using the information…

A: Accounting software is the software which is used by the company or any business be it a small…

Q: estion 2: Exp sactions fro

A: // C++ program for implementation of Lagrange's Interpolation #include<bits/stdc++.h> using…

Q: The main purpose of financial accounting is: To provide useful information to stakeholders Keep…

A: Financial accounting is one of the branch of accounting. Process of recording, summarizing and…

Q: Question based on Accounting Information System subject . Required to answer based on your own…

A: "Hey, since there are multiple questions posted, we will answer the first question. If you want any…

Q: What is the basic principles of Accounting Information Systems (AIS)?

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: What are the four levels of activity in the pyramid representing the business organization ?…

A: “Hey, since there are multiple questions posted, we will answer first question. If you want any…

Q: The step-by-step process to record business activities and events to keep financial records up…

A: Accounting is the detailed process of recording, classifying, summarising and preparing financial…

Q: accounting records used in transaction processing systems?

A: Note: Since you have asked multiple questions, we will solve the first question for you. If you want…

Q: Identify four kinds of external users and describe how they use accounting information.

A: External users of accounting information are those users which are from outside the organization and…

Q: Match the transaction to the basis of accounting used by the business

A: Accounting: Accounting is the method of recording money transactions relating a business. The…

Question

Kindly help me in the step 1 of Accounting Cycle

Show the following

1. IDENTIFYING AND ANALYZING business documents or transaction

The transactions they had for December 2020 is advanced view of what is to come for the shop in 2021:
Sales (framed articles)
Framing Projects (delivered but not yet paid)
Php 46 750.00
Php 67 740.00
Php 25 000.00
Php 33 580.00
Php 15 450.00
Php 25 550.00
Php 3 675.00
Php 10 540.00
Payroll (2 personnel)
Cash (30 November)
Rental
Purchases (framing materials)
Purchases (framing supplies)
Collection of accounts receivable
SHOW THE FOLLOWING:
1) IDENTIFYING AND ANALYZING business documents or transactions.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Give an example of how a company's accounting department works. This function serves what purpose and why is it necessary? Where can you get the information you are looking for?
Classify the following activities as part of the identifying (I), recording (R), or communicating (C) aspectsof accounting. Analyzing and interpreting reports
Describe the flow of accounting information from the business transaction to the ledger.
1. REVENUE CYCLE. What are the main activities and please explain how each of those activities are performed in the business process/transaction cycles.
List and describe the major steps a business should follow in developing a new accounting information system (i.e., the phases of the system’s development life cycle). Be thorough in your answer
Explain how accounting is used to track and monitor the principal business activities of an organization
3. The main objective of management accounting is _________ a. To record all the business transactions b. To know the amount due from customers and suppliers c. To maintain the accounting records d. To ascertain, analyze and interpret the results of business operations
How data are stored in the accounting information system (AIS) and how data are extracted when the business question is developed?
Discuss the steps in processing business transactions. 4. What kinds of transactions can be recorded in a general journal?