Question

Explain the major process of accounting

Answer 1

Answer:

As defined in earlier lessons, accounting involves recording, classifying, summarizing, and interpreting financial information. ... The cycle does not end with the presentation of financial statements. Subsequent steps are needed to be done to prepare the accounting system for the next cycle.

Answer 2

Dear Student,

Ans = 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.

Regards,