Accounting: The process of accounting starts with identification of business transactions quantitative in nature, then further identified transactions are recorded, classified and summarized. After summarization, all data is analyzed to calculate the profit and determine the financial position of the organization. This process ends with the communication of analyzed information to its users. Whether the given task relates to identification, recording or communicating of accounting. Accounting task: Analyzing and interpreting the information.
Accounting: The process of accounting starts with identification of business transactions quantitative in nature, then further identified transactions are recorded, classified and summarized. After summarization, all data is analyzed to calculate the profit and determine the financial position of the organization. This process ends with the communication of analyzed information to its users. Whether the given task relates to identification, recording or communicating of accounting. Accounting task: Analyzing and interpreting the information.
Accounting: The process of accounting starts with identification of business transactions quantitative in nature, then further identified transactions are recorded, classified and summarized. After summarization, all data is analyzed to calculate the profit and determine the financial position of the organization. This process ends with the communication of analyzed information to its users.
Whether the given task relates to identification, recording or communicating of accounting.
Accounting task: Analyzing and interpreting the information.
To determine
Whether the given task relates to identification, recording or communicating of accounting.
Accounting task: Classifying economic events.
To determine
Whether the given task relates to identification, recording or communicating of accounting.
Accounting task: Explaining uses, meaning and limitations of data.
To determine
Whether the given task relates to identification, recording or communicating of accounting.
Accounting task: Keeping a systematic chronological diary of events.
To determine
Whether the given task relates to identification, recording or communicating of accounting.
Accounting task: Measuring events in dollars and cents.
To determine
Whether the given task relates to identification, recording or communicating of accounting.
Accounting task: Preparing accounting reports.
To determine
Whether the given task relates to identification, recording or communicating of accounting.
Accounting task: Reporting information in a standard format.
To determine
Whether the given task relates to identification, recording or communicating of accounting.
Accounting task: Selecting economic activities relevant to the company.
To determine
Whether the given task relates to identification, recording or communicating of accounting.
Ming Chen started a business and had the following transactions in June.
a. Owner invested $60,000 cash in the company along with $15,000 of equipment.
b. The company paid $2,000 cash for rent of office space for the month.
c. The company purchased $18,000 of additional equipment on credit (payment due within 30 days).
d. The company completed work for a client and immediately collected $1,600 cash.
e. The company completed work for a client and sent a bill for $7,300 to be received within 30 days.
f. The company purchased additional equipment for $5,000 cash.
g. The company paid an assistant $2,400 cash as wages for the month.
h. The company collected $4,500 cash as a partial payment for the amount owed by the client in transaction e.
i. The company paid $18,000 cash to settle the liability created in transaction c.
j. The owner withdrew $1,500 cash from the company for personal use.
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