Question

Discuss what accounting steps/stages need to adhere so that the transactions can be duly recorded and processed in order to prepare the financial statements

Answer 1

Answer:

The basic steps in the recording process are (1) analyze each transaction for its effects on the accounts, (2) enter the transaction information in a journal, and (3) transfer the journal information to the appropriate accounts in the ledger.Solved Questions for You. Ans: Accounting is a bookkeeping process that records transactions, keeps financial records, performs auditing. It is a platform that helps through many processes, for example, identifying, recording, measuring and provides other financial information.

Answer 2

10 Steps of Accounting Cycle are;

Analyzing and Classify Data about an Economic Event.

Journalizing the transaction.

Posting from the Journals to General Ledger.

Preparing the Unadjusted Trial Balance.

Recording Adjusting Entries.

Preparing the Adjusted Trial Balance.

Preparing Financial Statements..........