Choose from the following term or phrase a through h to best complete statements 1 through 3. a. Accounting c. Recording e. Governmental g. Language of business b. Identifying d. Communicating f. Technology h. Recordkeeping (bookkeeping) 1. reduces the time, effort, and cost of recordkeeping while improving clerical accuracy. 2. requires that we input, measure, and log transactions and events. 3. is the recording of transactions and events, either manually or electronically. Show
Bookkeeping is known as the process of recording and organizing the transactions and the matching is shown in step 2. 158)The recording of financial transactions either manually or electronically is called:A)Bookkeeping.B)Auditing.C)Systems design.D)Accounting.E)Preparing financial statements.Answer: A We have textbook solutions for you! The document you are viewing contains questions related to this textbook. Financial Accounting: The Impact on Decision Makers Norton/Porter 159)Internal controls are procedures set up to: 160)If a business is not being sold or closed, the amounts reported in the accounts for assets used inoperations are based on costs. This practice is justified by the: 161)The rule that (1) requires revenue to be recognized at the time it is earned, (2) allows the inflow ofassets associated with revenue to be in a form other than cash, and (3) measures the amount ofrevenue as the cash plus the cash equivalent value of any noncash assets received from customers inexchange for goods or services is called the: 162)An obligation of a business that represents the claims of others against the assets of the business iscalled a(n):A)Equity.B)Liability.C)Asset.D)Revenue.E)Expense.Answer: B 163)Costs incurred or the using up of assets as a result of the main operations of a business are called: 164)Payments of cash by a corporation to its shareholders are called: 165)Economic events that affect an entity's accounting equation, but that are not transactions betweenthe entity and outside parties are called: 166)Which financial statement shows whether the business earned a profit or loss, and also lists thetypes and amounts of the revenues and expenses?A)Balance sheet.B)Statement of cash flows.C)Statement of changes in equity.D)Income statement.E)Statement of financial position.Answer: D 167)A financial statement providing information that helps users understand a company's financial statusat a specific date, is called a(n):
What is the recording of transactions and events?Recordkeeping/Bookkeeping—is recording of transactions and events, either manually or electronically of an organization's day-to-day activities. Recordkeeping is only ONE part of accounting. Accounting—is the process of analyzing and drawing conclusions from this information.
What is recording of transactions called?The process of recording the transactions in a journal is called as journalizing.
What is the process of recording transactions manually?Journal Entries
The most basic method used to record a transaction is the journal entry, where the accountant manually enters the account numbers and debits and credits for each individual transaction.
What are the two methods of recording transaction?Accrual and Cash accounting are two ways in which any business transaction is recorded. In accrual-based accounting, the focus is on the transactions where income is earned and expenses are incurred, whereas Cash accounting income is recorded when credit payments or cash payments are made.
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Is the recording of transactions and events, either manually or electronically
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