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Q1E.

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Financial & Managerial Accounting
Found in: Page 32
Financial & Managerial Accounting

Financial & Managerial Accounting

Book edition 7th
Author(s) John J Wild, Ken W. Shaw, Barbara Chiappetta
Pages 1096 pages
ISBN 9781259726705

Short Answer

Question: Accounting is an information and measurement system that identifies, records, and communicates relevant, reliable, and comparable information about an organization’s business activities. Classify the following activities as part of the identifying (I), recording (R), or communicating (C) aspects of accounting. 1. Analyzing and interpreting reports. 2. Presenting financial information. 3. Keeping a log of service costs. 4. Measuring the costs of a product. 5. Preparing financial statements. 6. Seeing revenues generated from a service. 7. Observing employee tasks behind a product. 8. Registering cash sales of products sold.

Revenues are the amount earned by businesses in exchange for goods or services and matching of activity with aspect of accounting is shown in step 2

See the step by step solution

Step by Step Solution

Step 1: Definition of revenues

Revenues are defined as the amount of money that the business will get after selling its goods or services to the customers.

Step 2: Matching of activity with the aspects of accounting

Activity

Aspect of accounting

1.

Communicating

2.

Communicating

3.

Recording

4.

Recording

5.

Communicating

6.

Identifying

7.

Identifying

8.

Recording

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