What is the first step of accounting process

Asked by admin @ 31/08/2021 in Accountancy viewed by 616 People

Which one of the following is the first step of

accounting process ?a) communicating to the Intrested parties.b) Measurement of transactionsc) Identification and recording of financial transactions and eventsd) Analysing.

Answered by admin @ 31/08/2021

Contents

Steps of the accounting cycle.

Step 1: Analyze and record transactions.

Step 2: Post transactions to the ledger.

Step 3: Prepare an unadjusted trial balance.

Step 4: Prepare adjusting entries at the end of the period.

Step 5: Prepare an adjusted trial balance.

Step 6: Prepare financial statements.

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