Question

The process of recording, classifying and summarising all business transactions in order to know the financial result is called – * 1 point Book – keeping Accounting Journalising None of these​

Answer 1

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Answer 2

The process of recording, classifying, and summarizing all business transactions in order to know the financial result is called Accounting

Accounting

A company's financial transactions are recorded in a systematic way. The accounting system includes bookkeeping as a component.

• Bookkeeping is the process of consistently recording a company's financial transactions and information. Bookkeeping is a part of the entire accounting system. Bookkeeping is the foundation for accounting as it includes the appropriate records of all financial transactions.
• Accounting includes organizing, classification, summarizing, and reporting financial transactions.