Question

Callison Company performs the following accounting tasks during the year. Accounting is "an information system that identifies, records, and communicates the economic events of an organization to interested users."Categorize the accounting tasks performed by Callison as relating to either the identification, recording, or communication aspects of accounting.1. Analyzing and interpreting information.2. Classifying economic events.3. Explaining uses, meaning, and limitations of data.4. Keeping a systematic chronological diary of events.5. Measuring events in dollars and cents.6. Preparing accounting reports.7. Reporting information in a standard format.8. Selecting economic activities relevant to the company.9. Summarizing economic events.

Answer 1

Answer:

THE TASKS PERFORMED BY CALLISON WILL CATEGORISE AS FOLLOWS:

IDENTIFICATION; (2) classifying economic event, (6) preparing accounting reports, (8) selecting economic activities relevant to the company, (9) summarizing economic events

RECORDING; (4) keeping a systematic chronological diary of event, (5) measuring events in dollars and cents

COMMUNICATION; (1) analyzing and interpreting information, (3) explaining uses, meaning, and limitation of data, (7) reporting information in a standard format,

Explanation:

Recording is a basic phase of accounting that is also known as bookkeeping. ... Accounting recorders are the documents and books involved in preparing financial statements.

Communication is the core activity of the accounting profession, transmitting information from one person to another, from one organisation to another – or a combination of both – and to the shareholders and other stakeholders of the organisation.

Identification is the analyzing of records or transactions.