Question

for which step of accounting process the accountants of business entity prepare financial statements
a)Identification of economic event
b)Communication of financial information
c)Recording financial information
d)Making decisions about business

Answer 1

Explanation:

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Answer 2

The accountants of a business entity prepare financial statements for the step of the accounting process known as the "Communication of financial information."

• Financial statements are formal records that summarize the financial transactions, performance, and position of a business.
• They are typically prepared at the end of an accounting period (e.g., monthly, quarterly, or annually) and are used to communicate important financial information to stakeholders such as investors, creditors, and regulators.

The process of preparing financial statements involves several steps, including:

• Identifying and recording economic events: This involves identifying and recording all of the financial transactions that occurred during the accounting period.

• Classifying and summarizing financial information: This involves grouping similar transactions together and summarizing them in a way that is useful for decision-making.

• Preparing financial statements: This involves using the classified and summarized financial information to prepare the key financial statements, which typically include the balance sheet, income statement, and cash flow statement.
• Communicating financial information: This involves distributing the financial statements to stakeholders and providing additional information and analysis as needed to help them understand the financial position and performance of the business.

Therefore, the accountants of a business entity prepare financial statements for the step of the accounting process known as the "Communication of financial information."

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