Textbook Notes (363,339)
Canada (158,341)
MGAB01H3 (126)
Liang Chen (50)
Chapter 3.1

Chapter 3.1

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University of Toronto Scarborough
Financial Accounting
Liang Chen

Chapter 3 Accounting Transactions The system of collecting and processing transaction data and communicating financial information to decision-makers is known as the accounting information system. Some factors that shape these systems are the type of business and its transactions, the size of the company, the amount of data, and the information that management and others need. KLoLZZ Z ZL2Z]LZZZ7o]]o]]Z7}ZZZ}oZ[]ZZ}o }:L accounting transaction occurs when assets, liabilities, and shZ}oZ[]]KZ ZL2ZZo of some economic event. Analyzing transactions An important aspect that should be noted is that accounting has to affect at least two or more accounts. Transactions that affect three or more are called compound entries. The following are examples of common transactions (refer to the scenarios in page 105): 1) Cash was invested for common shares Dr cash, Cr common shares 2) Issue of note payable Dr cas
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