Question

Answer in detail. (1) Explain process of accounting.Elements of accounting​

Answer 1

Answer:

The accounting cycle refers to the process of generating financial statements. It begins with analyzing business transactions, recording them in journals, and posting them to ledgers. Ledger totals are then summarized in a trial balance that confirms the accuracy of the figures.

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Answer 2

Explanation:

My last answer :(

Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing and reporting these transactions to oversight agencies, regulators and tax collection entities.

The accounting elements are Assets, Liabilities, Owners Equity, Capital Introduced, Drawings, Revenue and Expenses. Each account we have is one of these elements. On early task you must master is to be able to allocate each account to its accounting element