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State the three fundamental steps in the...

State the three fundamental steps in the accounting process.

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Three elementary steps in accounting are:
1. distinctive and analyzing the business transactions.
2. Recording of the business transactions.
3. Classifying and summarising their impact and act a similar to the interested users of business data.
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Knowledge Check

  • Last step of accounting process is :

    A
    Provide information to various parties who are interested in business enterprise.
    B
    Record transactions in the books.
    C
    To make summary in the form of financial statements.
    D
    To classify the transactions under separate heads in the ledger.

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    A
    Polyadenylation
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    5' capping
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    Splicing
    D
    Endonucleolytic cleavage

  • The last step in accounting as a process of information is

    A
    recording the transaction.
    B
    preparation of financial statements.
    C
    communication of information.
    D
    All of these

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