exercise 1-1 (algo) classifying activities reflected in the accounting system lo c1 select the aspect of accounting associated w
1 answer:
The activities reflected in the accounting system are:
- 1. Analyzing and interpreting reports. - Communicating
- 2. Acquiring knowledge of revenue transactions. -identifying
- 3. Reporting debt owed to lenders. - Communicating
- 4. Maintaining a log of sales transactions.- recording
- 5. Measuring revenue from a holiday sale.- recording
- 6. Measuring the costs of a product. - recording
- 7. Reporting the profitability of a product line. - Communicating
- 8. Preparing financial statements. - Communicating
There is the communicating aspect which is related to how information from the financial statements are presented so that people have access to that communication.
Identifying refers to finding out the various accounting transactions. Recording refers to all aspects of noting down information in accounting and putting them in financial statements.
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