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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Chapter
Section
BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

ACCOUNTING PROCESS Match the following steps of the accounting process with their definitions.

Analyzing    a. Telling the results

Recording    b. Looking at events that have taken place and thinking about how they affect the business

Classifying   

Summarizing    c. Deciding the importance of the various reports

Reporting    d. Aggregating many similar events to provide information that is easy to understand

Interpreting    e. Sorting and grouping like items together

    f. Entering financial information into the accounting system

To determine

Match the following steps of the accounting process with their definitions.

Explanation

Accounting:

Accounting is a system, or a process of collecting and organizing economic transactions, analyzing, and summarizing the transactions into reports, and communicating the relevant information to the users.

Match the following steps of the accounting process with their definitions.

Accounting processDefinitions
Analyzing

b. Looking at events that have taken place and thinking about

how they affect the business

Recordingf...

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