Question

Discuss the concept of accounting reports? Explain the three steps involved
in creating such reports.

Answer 1

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Answer 2

The concept of accounting reports and the three steps involved  in creating such reports.

Explanation:

The accounting reports are basically the final reports that reflect an organization's performance over an accounting period. They show the information that is gained from the organized processing and transformation of the data. These reports form the basis of the decision-making process as they minimize uncertainty-related risks.

Process of Creating Accounting Reports

Step 1: Designing the Report

• A report must be designed in a way that fulfills certain reporting objectives.

Step 2: Identification of Accounting Information Queries

• A lot of queries are written in such a way that each depends on the results of the previous queries. It then, using fresh data from existing data, refines its performance.

Step 3: Using the RecordSet of Final Query

• The final query recordset is a collection of report based details.