Analyze the case below and answer the questions thereafter.An ABM graduate named Jason decided to start a bakery business in Cateel,Davao Oriental. Their house is in the heart of the Poblacion and so his motherallowed him to use a spare portion of their house for his bakeshop. For hisstartup capital, he loaned P200,000 from his father. He then proceeded topurchase an oven, a mixer and other related equipment, machines and toolsfor his baking needs. He also purchased raw materials such as flour, sugar,and all sort of baking supplies.Because it is the only bakeshop operating in town, the sale of bakery productsrises steeply. In order for him to keep track of sales and expenses, he appliedwhat he learned in Senior High School about the importance of recordkeeping. He uses a journal and a ledger for record keeping purposes.As his business continues to grow, he sees the opportunity to borrow biggercapital from the bank. The bank requires a Financial Report showing thehealth and operation of his business. He then furnishes the bank the copy ofthe Financial report as part of their requirement before a loan will be granted.Questions:1. Name the transactions or events which can be considered "IDENTIFYING"based on the definition of Accounting?2. Name the transactions or events which can be considered “RECORDING"based on the definition of Accounting?3. Namethe transactionsorevents which canbe considered"COMMUNICATING" based on the definition of Accounting?

"IDENTIFYING" means determining the transactions that are financial in nature and needs to be…

1. Name the transactions or events which can be considered "IDENTIFYING" based on the definition of Accounting? 2. Name the transactions or events which can be considered "RECORDING" based on the definition of Accounting? 3. Name the "COMMUNICATING" based on the definition of Accounting? transactions or events which can be considered

1. Name the transactions or events which can be considered "IDENTIFYING" based on the definition of Accounting? 2. Name the transactions or events which can be considered "RECORDING" based on the definition of Accounting? 3. Name the "COMMUNICATING" based on the definition of Accounting? transactions or events which can be considered

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter9: Acquisitions Of Property

Section: Chapter Questions

Problem 64P

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