Classify the three activities of accounting.

E$1\mathrm{.}1($LO $1),$ C Callison Company performs the following accounting tasks during the year.

Analyzing and interpreting information.

Classifying economic events.

Explaining uses, meaning, and limitations of data.

Keeping a systematic chronological diary of events.

Measuring events in dollars and cents.

Preparing accounting reports.

Reporting information in a standard format.

Selecting economic activities relevant to the company.

Summarizing economic events.

Accounting is $$an information system that identifies, records, and communicates the economic events of an organization to interested users.$$

Instructions

Categorize the accounting tasks performed by Callison as relating to either the identification $($I$),$ recording $($R$),$ or communication $($C$)$ aspects of accounting.

Identify users of accounting information.