Describe common operating transactions and selectappropriate income statement account titles.

What operating or financial data appears on more than one statement?  Is there a specific preparation order for the financial statements? Why is that important?

Classify the following activities as part of the identifying (I), recording (R), or communicating (C) aspectsof accounting. Analyzing and interpreting reports

One output of the accounting information system is the balance sheet. Transactions commonly associated with an organization's purchases and cash disbursements cycle are most likely to be reflected in which sections of balance sheet? A Current assets and current liabilities B Current assets and long-term liabilities C Long-term assets and current liabilities D Long-term assets and long-term liabilities

Elaborate the users of Financial Statement in detail

Describe the internal role of accounting for organizations.

mention the users of financial information and their respective needs.ment accounting and cost accounting.

Provide a data analysis of the liability part of the financial statement.

Convert a company’s reported financial statements from LIFO to FIFO for purposes ofcomparison.

Classify the following activities as part of the identifying (I), recording (R), or communicating (C) aspectsof accounting. Preparing financial statements.