Question

(II: True or False:-
1. Accounting is the process of recording and classifying business financial transactions.​

Answer 1

ANSWER I THINK IT'S TRUE.

Answer 2

The given statement is TRUE.

• Accounting begins with the recognition of a transaction, which is followed by its recording in a journal, classification in a ledger, summation in final accounts, ratio analysis interpretation, and finally transmission to the financial statement's users.
• As a result, the first step is to identify the data, and the final step is to communicate it.
• Hence, Accounting indeed is a process of making records and their classification of financial transactions.