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il63 [147K]
3 years ago
13

The accounting process is correctly sequenced asA) Identifying→recording→communicatingB) Identifying→communicating→recordingC) C

ommunicating→Recording→IdentifyingD) Recording→Communicating→Identifying
Business
1 answer:
garik1379 [7]3 years ago
3 0

Answer:

The correct answer to the following question is option A) Identifying - Recording - Communicating .

Explanation:

An accounting process can be defined as series of activities which begins with identifying a transaction and ends with books closed. This process is also called accounting cycle because this process is done every financial reporting period. Here the first step would be to identify a transaction, then getting source document of transaction ready, after that classifying the transaction , then recording it by making journal entries, which would then lead to preparation of ledger, trial balance and other financial statements etc.

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a. George buys a Tesla Model S.

Product market.  Demanded by household  and supplied by the firm

b. Tesla increases employment at its Fremont plant.

Factor market.  Demanded by firm  and supplied by the household

c. George works 20 hours per week at McDonald’s.

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The transaction took place in the factor market.

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