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Qualitative Characteristics of Accounting

is the summar...

Question

______ is the summarizing phase of accounting system.

A

Book keeping

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B

Ledger posting

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C

Balancing

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D

Accounting

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Solution

The correct option is D Accounting
Accounting is the art of recording, classifying and summarizing of financial data in a significant manner. Once the book keeping is complete, the process of accounting starts which includes classification of accounts and summarizing the transactions in a logical manner to make the financial statement.

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