Question

Which is the first step
of accounting as a
process of information?
Recording the transaction
Preparation of Financial
statement
Identification of Information
Analysis and Interpretation
of Information​

Answer 1

Answer:

(d)

Explanation:

The first four steps in the accounting cycle are (1) identify and analyze transactions, (2) record transactions to a journal, (3) post journal information to a ledger, and (4) prepare an unadjusted trial balance.

Answer 2

ANSWER :

★ The first step of accounting as a process of information is Identification of Information.

• ➫ Identification of the information is the first step of acccounting as a process of information as the accounting information are first need to identify.

• ➫ After identification of information, the second step of accounting as a process of information is to recording the transactions in books of accounts.

• ➫ Analysis and interpretation of recorded information is the third step of accounting as a process of information. It includes classification of accounts and accounts heads, summarizing the information and then interpretation of the same.

• ➫ The last step of accounting as a process of information after analysis and interpretation of information is the preparation of financial statements which shows the profit earned or loss incurred during the accounting period as well as the financial position of the concern.