ACC 280 / XACC 280
Principles of Accounting
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Ch. 1 #1- Urlacher Company performs the following accounting tasks during the year. ______Analyzing and interpreting information. ______Classifying economic events. ______Explaining uses, meaning, and limitations of data. ______Keeping a systematic chronological diary of events. ______Measuring events in dollars and cents. ______Preparing accounting reports. ______Reporting information in a standard format. ______Selecting economic activities relevant to the company. ______Summarizing economic events. Accounting is “an information system that identifies, records, and communicates the economic events of an organization to interested users.” Instructions: Categorize the accounting tasks performed by Urlacher as relating to either the identification (I), recording (R), or communication (C) aspects of accounting.
