Question

State the three fundamental steps in the accounting process.

Answer 1

Answer:

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Answer 2

Explanation: Three steps of Accounting process

• It is a process where a series of procedures are followed to collect, process and communicate financial information.
• The three fundamental steps in the accounting process include  Identifying and Analyzing Business Transactions, Recording in the Journals and Posting to the Ledger.
• The foremost step in the accounting process is to identify a particular transactions. There are many transactions which a company undertakes throughout the accounting cycle. Each one of them need to be properly recorded in their books.
• Creating  journal entries for each transaction is the second step in accounting process. Depending upon the transaction whether it is a cash one or accrual the transactions are officially recorded. An accrual accounting needs to match the revenues with expenses so that both must be booked during the time of sale.  A  cash transaction needs to be recorded when the cash is either paid or received
• The third most important step is to post the transaction to an account in the ledger. The ledger provides a breakdown of every accounting transaction by account. which would help a bookkeeper to keep a tab on the financial positions.

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