homework 1 - Alec Kraft Ch.1:DQ3,6,17; P3,5,11,12 DQ: 3. A...

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Alec Kraft Ch.1: DQ3,6,17; P3,5,11,12 DQ: 3. A financial transaction is an economic event that affects the assets and equities of the organization, is reflected in its accounts, and is measured in monetary terms while nonfinancial transactions are the events that do not meet the definition of a financial transaction. Examples of financial transactions would be purchase of an airline ticket, sales of products, purchases of inventory from vendors, or cash disbursements and receipts. Three examples of nonfinancial transactions are making an airline reservation without actually committing, expanding the company to a new market, and changing accounting methods. 6. The financial reporting system measures the financial resources and the changes to the resources while the General ledger system comes from the transaction cycles. The general ledger is processed to update the general ledger control accounts while the financial reporting system is used to communicate to outside users. 17. It is important to separate the Accounting section of the company from the rest of the
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homework 1 - Alec Kraft Ch.1:DQ3,6,17; P3,5,11,12 DQ: 3. A...

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