Question

The process of recording, classifying and summarizing all business

transactions in order to know the financial result is called –

(A) Book – keeping

(B)Accounting

(C) Journalizing

(D) None of these.​

Answer 1

Answer:

transactions in order to know the financial result is called –

Accounting

Answer 2

It is called (B)Accounting

• It is a comprehensive and organised method to document, classify and summarise the accounting data for a specific period of time.
• It guarantees that individual accounting transaction records are accurate, up-to-date, and complete.
• It helps in the determination of an organisation's operations, financial position, and cash flows.
• In the efficient process, factual accuracy is critical and must as it helps in case of any apparent discrepancies.