Question

process of accounting is identifying,measuring , recording, classification, summarising, analysing, interpreting,communication pls explain this in short .....

Answer 1

accounting. It is a systematic processof identifying, recording, measuring, classifying, verifying, summarizing,interpreting and communicatingfinancial information. It reveals profit or loss for a given period, and the value and nature of a firm's assets, liabilities and owners' equity.

Answer 2

recording is the record of all transactions of the business classifying means classify transactions such as purchase,p,p,p.........sale,s,s,sale.summerising is to summerise the purchase cost total and sale total cost analysis is the identification of what should the net profit of business in the year.........