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Recap of Accounting Process

The correct s...

Question

The correct sequence of accounting process is _________ .

A

Identifying, classifying and recording

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B

Identifying, recording and communicating

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C

Analysis, recording and summarizing

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D

Communicating, recording and interpreting

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Solution

The correct option is B Identifying, recording and communicating
Accounting can be defined as the art of recording, classifying and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of financial character, and interpreting the results thereof. The correct sequence of accounting process is identifying, recording and communicating.

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