State the three fundamental steps in the accounting process (2024)

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Qualitative Characteristics of Accounting

State the thr...

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Financial Statement Analysis: How It’s Done, by Statement TypeAccounting Principles Explained: How They Work, GAAP, IFRSAccounting Concepts and Principles | Finance StrategistsClassification of Accounting: Financial and Cost Accounting, Questions

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Solution

Three fundamental steps in accounting are:

1. Identifying and analyzing the business transactions.

2. Recording of the business transactions.

3. Classifying and summarising their effect and communicating the same to the interested users of business information.


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