Question

(2) Explain process of accounting
(3) Discuss characteristics of accounting​

Answer 1

(2) The accounting cycle, also commonly referred to as accounting process, is a series of procedures in the collection, processing, and communication of financial information. As defined in earlier lessons, accounting involves recording, classifying, summarizing, and interpreting financial information.

(3) Accounting Information - Characteristics

☛ Understandability.

☛ Relevance.

☛ Consistency.

☛ Comparability.

☛ Reliability.

☛ Objectivity.

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Answer 2

Answer:

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