Genesis Company performs the following accounting tasks during the year. a. Analyzing and interpreting information. b. Classifying
Question:
Genesis Company performs the following accounting tasks during the year.
a. Analyzing and interpreting information.
b. Classifying economic events.
c. Explaining uses, meaning, and limitations of data.
d. Keeping a systematic chronological diary of events.
e. Measuring events in dollars and cents.
f. Preparing accounting reports.
g. Reporting information in a standard format.
h. Selecting economic activities relevant to the company.
i. 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 (I), recording (R), or communication (C) of economic events.
Step by Step Answer:
College Accounting
ISBN: 1986
1st Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Deanna C. Martin, Jill E. Mitchell