what is the difference between interpretation and summarization of business transaction.....
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Answer:
Explanation:
interpretation of buisness transaction
A business transaction is an activity or event that can be measured in terms of money and which affects the financial position or operations of the business entity. A business transaction has an effect on any of the accounting elements – assets, liabilities, capital, income, and expense.
summarization of buisness transaction
A business transaction occurs—usually, a sale or a purchase. Information about the transaction is recorded in a journal. ... Information in the ledger is summarized to obtain a total for each account at the end of an accounting period.
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What is the difference between interpretation and summarization of business transaction.....
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Answer:
Explanation:
interpretation of buisness transaction
A business transaction is an activity or event that can be measured in terms of money and which affects the financial position or operations of the business entity. A business transaction has an effect on any of the accounting elements – assets, liabilities, capital, income, and expense.
summarization of buisness transaction
A business transaction occurs—usually, a sale or a purchase. Information about the transaction is recorded in a journal. ... Information in the ledger is summarized to obtain a total for each account at the end of an accounting period.