Collect And Analyze Data From Transactions And Events

May 19th, 2015
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Midwestern State University
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As transactions and events related to financial resources occur, they are analyzed with respect to their effect on the financial position of the company. As an example, the sales for a day in a retail establishment are collected on a cash register tape. These sales become inputs into the accounting system.

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Step-1. Collect And Analyze Data From Transactions And EventsAs transactions and events related to financial resources occur, they are analyzed with respect totheir effect on the financial position of the company. As an example, the sales for a day in a retailestablishment are collected on a cash register tape. These sales become inputs into the accountingsystem. Every organization establishes a chart of accounts that identifies the categories for recordingtransactions and events. The chart of accounts for the retail establishment includes Cash and Sales.Step-2. Journalize Transactions

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