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E1-1 Urlacher 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.                                                 Click here for SOLUTION
________        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
For each of the three situations, say if the accounting method used is correct or incorrect. If correct, identify which principle or assumption supports the method used. If incorrect, identify which principle or assumption has been violated.
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