 Show Chapter 2 The Accounting Cycle: During the Period Recall two primary functions of Financial Accounting are to (1) _________________ _______________________ and (2) _____________________________________ __________________________. _______________________ = Full set of procedures used to accomplish the measurement/communication process of financial accounting. LO2-1: Identify the basic steps in measuring external transactions. _______________________ = Transactions the firm conducts with a separate economic entity. Follow these steps to measure external transactions: Step 1 – Identify accounts affected by an external transaction _________________ = A record of the business activities related to a particular item. oExamples: see below in chart of accounts (Cash, Accounts Receivable, etc.) __________________ = A list of all account names used to record transactions of a company. oExample: EAGLE GOLF ACADEMY CHART OF ACCOUNTS Accounts PayableEquipment Accounts ReceivableNotes Payable CashPrepaid Rent Common StockSalaries Expense DividendsService Revenue Deferred RevenueSupplies 1 Chapter 021.Which of the following represents an external transaction?(LO2–1)a.Lapse of insurance due to passage of time.b.Use of office supplies by employees over time.c.Payment of utility bill.d.Salaries earned by employees but not yet paid. 2.Which of the following is not a step in the process of measuring external transactions? (LO2–1) Get answer to your question and much more 3.Which of the following transactions causes an increase in total assets? (LO2–2) Get answer to your question and much more 4.Which of the following transactions causes an increase in stockholders' equity? (LO2–2) Get answer to your question and much more 5.Which of the following causes the accounting equation not to balance? (LO2–2)a.Increase assets; increase liabilities.b.Decrease assets; increase expenses.c.Increase assets; increase dividends.d.Decrease liabilities; increase revenues. 6.A debit is used to increase which of the following accounts? (LO2–3)1 |P a g e Which of the following is not a step in the process of measuring external transactions? Students who’ve seen this question also like: Related Accounting Q&AFind answers to questions asked by students like you. 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What are the four steps used to analyze business transactions?The first four steps in the accounting cycle are (1) identify and analyze transactions, (2) record transactions to a journal, (3) post journal information to a ledger, and (4) prepare an unadjusted trial balance.
What are examples of external transactions?An external transaction is any financial activity that impacts a bank account but does not originate within the INFORMS system. A few examples include interest earnings, maturities or purchases related to investment activity or a manual check written at a department.
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Which of the following is not a step in the process of measuring external transactions
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