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How understand and perform a financial accounting process

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Reference no: EM132636306

Scenario: The financial accounting system has now been tested without any errors. Therefore, the corporate management has decided to convert the system into the production operation. As a first order/request you should pay the new tool supplier "Milwaukee Tools". In order to do that, you will create the cost element tool expenses. Subsequently, you will receive an invoice for $3000 from "Milwaukee Tools" which has to be settled. You will review the impact on the financial statement at the end.

Task Information Since this task is based on the Financial Accounting case study you can use it as guidance. However, it is recommended that you solve it without any help in order to test your acquired knowledge.

Question 1: How Understand and perform a financial accounting process.

Reference no: EM132636306

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