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  • Four Aspects of Accounting 1.: Recording

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    tine
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    Accounting has four key aspects: 1) Recording business transactions chronologically in books of accounts, 2) Classifying similar transactions into assets, liabilities and owner's equity, 3) Preparing financial statements like the balance sheet and income statement by summarizing recorded transactions, and 4) Interpreting and communicating the qualitative and quantitative financial information to users of financial statements.

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    Four Aspects

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    Accounting has four key aspects: 1) Recording business transactions chronologically in books of accounts, 2) Classifying similar transactions into assets, liabilities and owner's equity, 3) Preparing financial statements like the balance sheet and income statement by summarizing recorded transactions, and 4) Interpreting and communicating the qualitative and quantitative financial information to users of financial statements.

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    7 views1 page

    Four Aspects of Accounting 1.: Recording

    Uploaded by

    tine
    Accounting has four key aspects: 1) Recording business transactions chronologically in books of accounts, 2) Classifying similar transactions into assets, liabilities and owner's equity, 3) Preparing financial statements like the balance sheet and income statement by summarizing recorded transactions, and 4) Interpreting and communicating the qualitative and quantitative financial information to users of financial statements.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    Four Aspects of Accounting

    1. Recording
    Chronologically writing down the business transaction in the
    books of accounts.

    2. Classifying
    Sorting similar and related business transactions into assets,
    liabilities and owner’s equity.

    3. Summarizing
    Preparing the financial statements that are designed to meet
    the information needs of users from the recorded transaction
    in the books of accounts.

    4. Interpreting
    Representing the business transaction in a qualitative and
    quantitative financial information in a language
    comprehensible to the users of financial statements.

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