Question

what is the process of accounting. /ans

Answer 1

Based on the attributes of accounting the steps of accounting process are :
1)Identifying Financial Transactions,
2) Recording (journal entries)
3) Classifying (into ledger )
4)Summarising ( books and trial balance)
5) Analysing and Interpreting and
6) Communicating.

Answer 2

Answer:

(1) Identification of Financial. Transactions and

Events.

(2) Measurement of Transactions in monetry

(money) terms.

(3) Recording the financial transactions in

Journal or Subsidiary books.

(4) Classifying them through Ledger.

(5) Summarising the transactions by preparing

trading account , a trial balance and Profit

& loss account or ( Statement Of Profit

and Loss and Balance Sheet)..

(6) Analysing and Interpreting the

financial data.

(7) Communicating the financial data

to the iterprties..