Recording of economic events involves A. preparing accounting reports. B. analyzing reported information. C. explaining the meaning of reported data. D. keeping a systematic, chronological diary of events.

The accounting process involves all of the following exceptSelect answer from the options belowidentifying economic transactions that are relevant to the business.analyzing and interpreting financial reports.communicating financial information to users by preparing financial reports.recording non-quantifiable economic events.

The accounting process includes which steps:Group of answer choicesmeasuring, evaluating, recording and communicatingmeasuring, adjusting, recording and communicatingidentifying, recording, communicating and justifyingidentifying, measuring, recording and communicatingNext

Of the major steps in the accounting process, which is most concerned with theclassification and summarisation of financial data?(a) Identification(b) Measurement(c) Recording(d) Communication(e) Translation

In recording transactions for a business, the accountant will follow the Accounting Entity principle. This means that the accountant will:a.record cash transactions separately from credit transactionsb.separate spending on purchases from spending on non-current assetsc.separate the financial activities of the business from those of the ownerd.record revenues and expenses separately to calculate profits and losses

Using your chosen companies in part 1, describe the process the companies would have used to record transactions and consolidate them into financial statements.Describe the differences in reporting requirements between your chosen companies.Provide at least three examples of recording business transactions. Make sure to identify which items are asset, liability, equity, revenue, and expense accounts.