Define Accounting. Briefly explain the steps involved in process of accounting.
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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.
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accounting process. A sequence of activities involving the recording of how cash is received and paid out in a company or organization. The accounting process in business is based on four accounting methods, which are: the accrual method, the consistency method, the prudence method and the going concern method.
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