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Recap of Accounting Process

is the proces...

Question

_______ is the process of grouping transactions or entries of same nature at one place.

A

Recording

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B

Classification

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C

Analysing

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D

Summarizing

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Solution

The correct option is A Classification
Classification is concerned with the systematic analysis of the recorded data with a view to group transactions or entries of one nature at one place. The work of classification is done in the book called "ledger". This book contains on different pages individual account heads under which all financial transactions of similar nature are collected.

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