Accounting : Accounting is a system, or a process of collecting and organizing economic transactions, analyzing, and summarizing the transactions into reports, and communicating the relevant information to the users. To find : The correct definition of accounting

Question

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Answer 1

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Chapter 1, Problem 1QC

To determine

Accounting: Accounting is a system, or a process of collecting and organizing economic transactions, analyzing, and summarizing the transactions into reports, and communicating the relevant information to the users.

To find: The correct definition of accounting

Expert Solution & Answer

Answer to Problem 1QC

(d) All the above

Explanation of Solution

Explanation for correct answer:

Accounting system includes the following activities:

Collecting and organizing economic transactions
Analyzing, and summarizing the transactions into reports
Communicating the relevant information to the users

Hence, (d) is the correct option because all the activities are included in accounting system.

Explanation for incorrect answers:

Option (a) is incorrect because measuring business activities alone is not accounting. Accounting refers to all the activities mentioned in options (a), (b), and (c).
Option (b) is incorrect because communicating the results to decision makers is alone not accounting. Accounting refers to all the activities mentioned in options (a), (b), and (c).
Option (c) is incorrect because processing information into reports alone is not accounting. Accounting refers to all the activities mentioned in options (a), (b), and (c).

Conclusion

Hence, the correct option is (d).

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Students have asked these similar questions

The following are subsystems of the Accounting Information System, EXCEPTa. Transaction Processing System.b. Human Resources System.c. General Ledger/Financial Reporting System.d. Management Reporting System.

Which of the following statements is the best definition of an accounting information system? A. A framework that uses computers to produces financial statements B. A framework that coordinates resources (components) needed to convert information into data in order to achieve objectives C. The management information system that generates various reports for management decisions D. A framework that coordinates resources (components) needed to convert data into information for decision making

An organization needs to keep flow of information with various internal and external parties.Explain in brief the role of accounting as an information system in an organization to interactwith those parties.

Answer 2

Question

100%

Chapter 1, Problem 1QC

To determine

Accounting: Accounting is a system, or a process of collecting and organizing economic transactions, analyzing, and summarizing the transactions into reports, and communicating the relevant information to the users.

To find: The correct definition of accounting

Expert Solution & Answer

Answer to Problem 1QC

(d) All the above

Explanation of Solution

Explanation for correct answer:

Accounting system includes the following activities:

Collecting and organizing economic transactions
Analyzing, and summarizing the transactions into reports
Communicating the relevant information to the users

Hence, (d) is the correct option because all the activities are included in accounting system.

Explanation for incorrect answers:

Option (a) is incorrect because measuring business activities alone is not accounting. Accounting refers to all the activities mentioned in options (a), (b), and (c).
Option (b) is incorrect because communicating the results to decision makers is alone not accounting. Accounting refers to all the activities mentioned in options (a), (b), and (c).
Option (c) is incorrect because processing information into reports alone is not accounting. Accounting refers to all the activities mentioned in options (a), (b), and (c).

Conclusion

Hence, the correct option is (d).

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Answer 3

Question

100%

Chapter 1, Problem 1QC

To determine

Accounting: Accounting is a system, or a process of collecting and organizing economic transactions, analyzing, and summarizing the transactions into reports, and communicating the relevant information to the users.

To find: The correct definition of accounting

Expert Solution & Answer

Answer to Problem 1QC

(d) All the above

Explanation of Solution

Explanation for correct answer:

Accounting system includes the following activities:

Collecting and organizing economic transactions
Analyzing, and summarizing the transactions into reports
Communicating the relevant information to the users

Hence, (d) is the correct option because all the activities are included in accounting system.

Explanation for incorrect answers:

Option (a) is incorrect because measuring business activities alone is not accounting. Accounting refers to all the activities mentioned in options (a), (b), and (c).
Option (b) is incorrect because communicating the results to decision makers is alone not accounting. Accounting refers to all the activities mentioned in options (a), (b), and (c).
Option (c) is incorrect because processing information into reports alone is not accounting. Accounting refers to all the activities mentioned in options (a), (b), and (c).

Conclusion

Hence, the correct option is (d).

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Answer 4

Question

100%

Chapter 1, Problem 1QC

To determine

Accounting: Accounting is a system, or a process of collecting and organizing economic transactions, analyzing, and summarizing the transactions into reports, and communicating the relevant information to the users.

To find: The correct definition of accounting

Expert Solution & Answer

Answer to Problem 1QC

(d) All the above

Explanation of Solution

Explanation for correct answer:

Accounting system includes the following activities:

Collecting and organizing economic transactions
Analyzing, and summarizing the transactions into reports
Communicating the relevant information to the users

Hence, (d) is the correct option because all the activities are included in accounting system.

Explanation for incorrect answers:

Option (a) is incorrect because measuring business activities alone is not accounting. Accounting refers to all the activities mentioned in options (a), (b), and (c).
Option (b) is incorrect because communicating the results to decision makers is alone not accounting. Accounting refers to all the activities mentioned in options (a), (b), and (c).
Option (c) is incorrect because processing information into reports alone is not accounting. Accounting refers to all the activities mentioned in options (a), (b), and (c).

Conclusion

Hence, the correct option is (d).

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Answer 5

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100%

Answer 6

Question

100%

Answer 7

Chapter 1, Problem 1QC

To determine

Accounting: Accounting is a system, or a process of collecting and organizing economic transactions, analyzing, and summarizing the transactions into reports, and communicating the relevant information to the users.

To find: The correct definition of accounting

Expert Solution & Answer

Answer to Problem 1QC

(d) All the above

Explanation of Solution

Explanation for correct answer:

Accounting system includes the following activities:

Collecting and organizing economic transactions
Analyzing, and summarizing the transactions into reports
Communicating the relevant information to the users

Hence, (d) is the correct option because all the activities are included in accounting system.

Explanation for incorrect answers:

Option (a) is incorrect because measuring business activities alone is not accounting. Accounting refers to all the activities mentioned in options (a), (b), and (c).
Option (b) is incorrect because communicating the results to decision makers is alone not accounting. Accounting refers to all the activities mentioned in options (a), (b), and (c).
Option (c) is incorrect because processing information into reports alone is not accounting. Accounting refers to all the activities mentioned in options (a), (b), and (c).

Conclusion

Hence, the correct option is (d).

Answer 8

Chapter 1, Problem 1QC

To determine

Accounting: Accounting is a system, or a process of collecting and organizing economic transactions, analyzing, and summarizing the transactions into reports, and communicating the relevant information to the users.

To find: The correct definition of accounting

Expert Solution & Answer

Answer to Problem 1QC

(d) All the above

Explanation of Solution

Explanation for correct answer:

Accounting system includes the following activities:

Collecting and organizing economic transactions
Analyzing, and summarizing the transactions into reports
Communicating the relevant information to the users

Hence, (d) is the correct option because all the activities are included in accounting system.

Explanation for incorrect answers:

Option (a) is incorrect because measuring business activities alone is not accounting. Accounting refers to all the activities mentioned in options (a), (b), and (c).
Option (b) is incorrect because communicating the results to decision makers is alone not accounting. Accounting refers to all the activities mentioned in options (a), (b), and (c).
Option (c) is incorrect because processing information into reports alone is not accounting. Accounting refers to all the activities mentioned in options (a), (b), and (c).

Conclusion

Hence, the correct option is (d).

Answer 9

Chapter 1, Problem 1QC

To determine

Accounting: Accounting is a system, or a process of collecting and organizing economic transactions, analyzing, and summarizing the transactions into reports, and communicating the relevant information to the users.

To find: The correct definition of accounting

Answer 10

Expert Solution & Answer

Answer to Problem 1QC

(d) All the above

Answer 11

Expert Solution & Answer

Answer 12

Expert Solution & Answer

Answer 13

Explanation of Solution

Explanation for correct answer:

Accounting system includes the following activities:

Collecting and organizing economic transactions
Analyzing, and summarizing the transactions into reports
Communicating the relevant information to the users

Hence, (d) is the correct option because all the activities are included in accounting system.

Explanation for incorrect answers:

Option (a) is incorrect because measuring business activities alone is not accounting. Accounting refers to all the activities mentioned in options (a), (b), and (c).
Option (b) is incorrect because communicating the results to decision makers is alone not accounting. Accounting refers to all the activities mentioned in options (a), (b), and (c).
Option (c) is incorrect because processing information into reports alone is not accounting. Accounting refers to all the activities mentioned in options (a), (b), and (c).

Answer 14

Conclusion

Hence, the correct option is (d).

Answer 15

Ch. 1 - Prob. 1QC Ch. 1 - Prob. 2QC Ch. 1 - Prob. 3QC Ch. 1 - Prob. 4QC Ch. 1 - Prob. 5QC Ch. 1 - Which of the following requires accounting...Ch. 1 - At the end of a recent year, Global Cleaning...Ch. 1 - Consider the overall effects on Global Cleaning...Ch. 1 - Assume that Global Cleaning Service performed...Ch. 1 - The balance sheet reports the a. financial...

Accounting : Accounting is a system, or a process of collecting and organizing economic transactions, analyzing, and summarizing the transactions into reports, and communicating the relevant information to the users. To find : The correct definition of accounting

Accounting: Accounting is a system, or a process of collecting and organizing economic transactions, analyzing, and summarizing the transactions into reports, and communicating the relevant information to the users. To find: The correct definition of accounting

Answer to Problem 1QC

Explanation of Solution

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Chapter 1 Solutions

Accounting: Accounting is a system, or a process of collecting and organizing economic transactions, analyzing, and summarizing the transactions into reports, and communicating the relevant information to the users.

To find: The correct definition of accounting