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Question

The process of accounting starts with _______ and ends with_______.


A
Classifying, Recording
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B
Identifying the transaction, Communicating the information
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C
Financial account, Journal
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D
Recording, Classifying
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Solution

The correct option is B Identifying the transaction, Communicating the information
Accounting starts with 
-identifying a transaction  and then recording in Journal
-then classifying in the ledger
-then summarising in final accounts
-then interpretation through Ratio analysis
-then finally communicating the information to the users of the financial statement. 
Thus, the first step is identifying and the last step is communicating the information.

Fundamentals of Accounting and Auditing

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