________ 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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