Examining a transaction or event to determine its fundamental significance to the business so that the relevant information may be properly processed is called a. recording. (b) analyzing. c. classifying. d. interpreting. One who assumes all risks for the business and whose personal assets can be taken to pay creditors is called what type/form of business? Rules developed to provide procedures and guidelines to be followed in the accounting and reporting process are callex A business that buys a product from another business to sell to customers is called a(n) business. Entering financial information about events into the accounting system is called The report which shows a firm's assets, liabilities, and owner's equity as of a specific date is called