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Question

Accounting is a process of recording, classifying, summarising, analysing and interpreting the financial transactions and communicating the result thereof to the users of such information. State whether the statement is true or false.

A
True
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B
False
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Solution

The correct option is A True
Accounting starts with
-identifying a transaction and then recording in Journal
-then classifying in the ledger
-then summarising in final accounts
-then interpretation through Ratio analysis
-then finally communicating the information to the users of the financial statement.
Thus, the first step is identifying and the last step is communicating the information.

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