Learning Activity #1
Activity 1
Figure 1
– The Accountant (first photo) is in charge of ensuring that all transactions are
properly registered and error-free. It is also the accountant’s duty to prepare
financial statements (second photo), which provide information about the
business’s annual transactions. Following the preparation of financial statements,
the accountant will report and interpret the prepared financial statements to the
general and primary users (3rd photo) so that they can determine whether the
company is profitable or not.
Figure 2
– In the business point of view, accounting is essential for them because it records all
transactions in order to determine the business’s profits and expenditures. Accounting
allows businesses to provide qualitative information while also keeping them orderly.
And then, accounting assists businesses in decision-making by allowing them to
simply review their accounting reports in order to prevent typical business errors such
as excessive spending.
Activity 2: Considered Business Transaction (ff items are only considered business
