Question

Explain process of accounting in detail.​

Answer 1

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 cycle is a collective process of identifying, analyzing, and recording the accounting events of a company. It is a standard 8-step process that begins when a transaction occurs and ends with its inclusion in the financial statements.

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Answer 2

Hello !

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.There are three steps in the accounting process those are Identification, Recording and Communicating.Financial information is presented in reports called financial statements. But before they can be prepared, accountants need to gather information about business transactions, then record and collate them to come up with the values to be presented in the reports.

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