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Question
The first step in the accounting process is_______.
The first step in the accounting process is_______.
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Solution
The correct option is A Recording
Maintaining proper and fine accounts has become very essential today, as a result, of increasing competition in the business-world. Every business organization is, therefore, supposed to maintain fine accounts comprising of all the financial transactions, financial as well as non-financial information. We all know that any accounting involves a fine recording, summarizing, proper classification as well as the interpretation and communication of financial information. Every transaction has to be recorded first so that the other processes can be carried out effectively. Therefore the first step in the accounting process is recording.
Maintaining proper and fine accounts has become very essential today, as a result, of increasing competition in the business-world. Every business organization is, therefore, supposed to maintain fine accounts comprising of all the financial transactions, financial as well as non-financial information. We all know that any accounting involves a fine recording, summarizing, proper classification as well as the interpretation and communication of financial information. Every transaction has to be recorded first so that the other processes can be carried out effectively. Therefore the first step in the accounting process is recording.
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