Building Blocks of Accounting . A Financial Perspective
A SOLE PROPRIETORSHIP
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Accounting is an information and measurement system that identifies records and communicates financial
information to users.
Bookkeeping is the sole purpose of accounting.
Bookkeeping is the recording of transa
Goods in transit are automatically included in inventory.
Damaged and obsolete goods are not included in inventory if they cannot be sold.
Goods on consignment are goods shipped by their owner, called the consi
Accounting records are also referred to as the books.
The first step in the analyzing and recording process is to analyze each transaction and event from source
Preparation of a trial balance is the
15SP 2021 DLONL Study Guide with Sample Questions for Final on Chapters 8-15
Apply the direct write-off method for uncollectibles 8.2-5
TRUE or FALSE
SHORT ANSWER | FILL-IN-THE