Question

state accounting process and breif​

Answer 1

Answer:

The accounting cycle, also commonly referred to as accounting process, is a series of procedures in the collection, processing, and communication of financial information. As defined in earlier lessons, accounting involves recording, classifying, summarizing, and interpreting financial information.

Answer 2

On the basis of the above documents, you pass journal entries using double entry system in which debit and credit balance remains equal. This process is repeated throughout the accounting period. Debit and credit balance of all the above accounts affected through journal entries are posted in ledger accounts.