Question

nort Answers
State the three fundamental steps in the accounting process.​

Answer 1

Answer:

hope it helps

Explanation:

1. Explanation:The first transaction type is to ensure that reversing entries from the previous period have, in fact, been reversed.
2. Explanation:The first transaction type is to ensure that reversing entries from the previous period have, in fact, been reversed..The second group is comprised of the steps needed to record individual business transactions in the accounting records.
3. Explanation:The first transaction type is to ensure that reversing entries from the previous period have, in fact, been reversed..The second group is comprised of the steps needed to record individual business transactions in the accounting records.The third group is the period-end processing required to close the books and produce financial statements.

Answer 2

Answer:

the fundamental steps are

(i) journal

(ii) Ledger

(iii) Trial balance

(iv) trading and profit and loss A/c

(v) Balance sheet