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Purpose of accounting

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Not all day-to-day activities of the organization are recorded for the purpose of accounting. The first step in the accounting cycle is to analyze each event and identify it as a transaction that is measurable in terms of money.

How can the misidentification cause a problem on the financial statements? Please think of and give an example of a transaction misidentification possibility and what the repercussions might be if it is not corrected.

Reference no: EM133253306

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