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Question
________ is the last phase of Accounting process.
________ is the last phase of Accounting process.
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Solution
The correct option is C Communication
After completing the recording, classifying, summarising and interpretation of the financial transactions, all the relevant information is communicated to users of the financial statement.
There are mainly two types of users of the financial statements
1. Internal Users i.e., owner,
2. External Users: i.e., the investor and authorities.Hence, Communication is considered the last phase of the accounting process.
After completing the recording, classifying, summarising and interpretation of the financial transactions, all the relevant information is communicated to users of the financial statement.
There are mainly two types of users of the financial statements
1. Internal Users i.e., owner,
2. External Users: i.e., the investor and authorities.
Hence, Communication is considered the last phase of the accounting process.
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