Definition The recording of transactions and events only, either manually or electronically. An information and measurement system that identifies, records, and communicates relevant, reliable, and comparable information about an organization's business activities.
Definition The recording of transactions and events only, either manually or electronically. An information and measurement system that identifies, records, and communicates relevant, reliable, and comparable information about an organization's business activities.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:aims to identify, record, and communicate information about
business activities. It helps assess opportunities, products,
investments, and social and community responsibilities.
Users of accounting are both internal and external. Some
users and uses of accounting include (a) managers in
controlling, monitoring, and planning; (b) lenders for
measuring the risk and return of loans; (c) shareholders for
assessing the return and risk of stock; and (d) employees for
judging employment opportunities. Opportunities in
accounting include financial, managerial, and tax accounting.
Csuterstack/Fory burrow
OGlow Asia/Saperstock
130s
:00/ 0:58
1x
CC
Knowledge Check 01
Match the term and the definition.
Definition
The recording of transactions and events only, either manually or electronically.
An information and measurement system that identifies, records, and communicates relevant,
reliable, and comparable information about an organization's business activities.
Transcribed Image Text:ion
iation and measurement system that
and communicate information about
elps assess opportunities, products,
and community responsibilities.
e both internal and external. Some
unting include (a) managers in
and planning; (b) lenders for
return of loans; (c) shareholders for
d risk of stock; and (d) employees for
oportunities. Opportunities in
ncial, managerial, and tax accounting.
Sshutterstock / Foy burrow
1x
definition.
Definition
Term
rents only, either manually or electronically.
stem that identifies, records, and communicates relevant,
i about an organization's business activities.
Expert Solution
Step 1
1) The term Bookkeeping refers to the process which tells us how to keep record of financial transactions in both manually and electronically.
Answer: Bookkeeping
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