Question

Classify the three active accounting E1.1 (LO 1) Genesis Company performs the following accounting tasks during the year. Analyzing and interpreting information. Classifying economic events. Explaining uses, meaning, and limitations of data. Keeping a systematic chronological diary of events. Measuring events in dollars and cents. Preparing accounting reports. Reporting information in a standard format. _Selecting economic activities relevant to the company. Summarizing economic events. Accounting is "an information system that identifies, records, and communicates the economic events of an organization to interested users." Instructions Categorize the accounting tasks performed by Genesis as relating to either the identification (D), record ing (R), or communication (C) aspects of accounting,

Answer 1

Answer:

Aspect Task Analyzing and interpreting information. R Classifying economic events. Explaining uses, meaning, and limitations of data. Keeping a systematic chronological diary of events. Measuring events in dollars and cents. Preparing accounting reports. Reporting information in a standard format. Selecting economic activities relevant to the company. R Summarizing economic events Explanation Analysis and interpretation are done to prepare report after events are recorded This task is part of recording This task explaining of use, meaning and qualification of data is part of communication This task is part of recording process This task is part of recording process Preparation of report is part of communication process. This involves communication of summarized records as per format This involves identifying relevant events to be recorded Recorded events are summarized and recorded