Question

Question: Accounting is an information and measurement system that identifies, records, and communicates relevant, reliable, and comparable information about an organization’s business activities. Classify the following activities as part of the identifying (I), recording (R), or communicating (C) aspects of accounting. 1. Analyzing and interpreting reports. 2. Presenting financial information. 3. Keeping a log of service costs. 4. Measuring the costs of a product. 5. Preparing financial statements. 6. Seeing revenues generated from a service. 7. Observing employee tasks behind a product. 8. Registering cash sales of products sold.

Short answer

Revenues are the amount earned by businesses in exchange for goods or services and matching of activity with aspect of accounting is shown in step 2

Step-by-step solution

Definition of revenues

Revenues are defined as the amount of money that the business will get after selling its goods or services to the customers.

Matching of activity with the aspects of accounting

Activity	Aspect of accounting
1.	Communicating
2.	Communicating
3.	Recording
4.	Recording
5.	Communicating
6.	Identifying
7.	Identifying
8.	Recording