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please answer all the questions immediately 9. Accounting is a system whereby data is turned into information using the processes described below. Identify the process
please answer all the questions immediately
9. Accounting is a system whereby data is turned into information using the processes described below. Identify the process (recording, reporting, analyzing, classifying, interpreting, data gathering, storing) described in each letter. a. Evaluating the reported financial information to allow statement users to make informed decisions about the business b. Systematic encoding of accounting data based on documents received c. Summarizing the financial information in a condensed format to be better understood by the statement users. d. Accumulating the financial data that has an effect on the specific business. e. Determining how the information affects the values of the specific business. 6. Various reports are prepared for the users. Identify the reports described below as either A. Audited Financial Statements B. Tax reports C. Managerial Reports D. Special Reports 1. A comparative report which shows trend of operation for three years 2014, 2015 and 2016 as a result of the massive overhaul made in the operating program from PAL. 2. A performance report submitted to the Finance head of PAL showing the variances between the actual costs and expenses incurred in 2016 by the marketing department and the 2016 budget prepared for this department. 3. A report prepared by the Finance Head of PAL and submitted to the judicial court in New York showing the rehabilitation plan with the infusion of capital by Lucio Tan. 4. A sales report for the Vice President for Sales of Philippine Air Lines showing number of flights and passengers based on specific routes being serviced. 5. As the rehabilitation mentioned in 3) will affect the future operation of the company reports showing the effect of the rehabilitation were also prepared by the Controller. 4. There are several stakeholders who need financial reports. Based on the given needs described in each number, identify the stakeholder as: a. Customer b. Manager C. Government d. Investors e. Lender 1. Requires the submission of a weekly performance report of the different sales departments, as a basis of reviewing and evaluating performance. 2. Penalizes individuals and businesses for late filing of returns and for deficient payment of taxes. 3. Demands the rollback of gas prices and threatens to stage a boycott. 4. Requires a project feasibility study as a basis for evaluating project's profitability, solvency and liquidity before a loan can be approved. 5. Compares the performance of each listed company in the Philippines Stock Exchange, (value and trend of its stock price) before making a decision on what shares to buyStep by Step Solution
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