mfully explain the process of accounting with the help of diagram
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The 8-step process
Step 1: Identifying transactions. ...
Step 2: Record transactions in a journal. ...
Step 3: Posting to the general ledger. ...
Step 4: Unadjusted trial balance. ...
Step 5: Worksheets. ...
Step 6: Adjusting entries. ...
Step 7: Financial statements. ...
Step 8: Closing temporary accounts via closing entries.
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