The First Step in Preparing a Flowchart Is to

question 78

Multiple Choice

The first step in preparing a flowchart is to

• A) select the symbols to be used.
• B) analyze the system.
• C) sketch a rough draft of the system.
• D) consult the work papers from previous audits.

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Definitions:

Investing Activities

Transactions and events that relate to the acquisition and disposal of long-term assets and other investments not included in cash equivalents, included in a company's cash flow statement.

Investing Activities

Transactions involving the purchase and sale of long-term assets and other investments, part of a company's cash flow statement.

Loss

Refers to the decrease in economic benefits during an accounting period, which typically includes expenses exceeding income.

Sale of Equipment

The process of selling off business equipment, often recognized as a financial transaction that can result in a gain or loss in accounting records.