The steps in the process of accounting take place in the following order:
A)measuring,identifying,decision making,communicating
B)identifying,communicating,measuring,decision making
C)identifying,measuring,communicating,decision making
D)identifying,decision making,measuring,communicating

Question

Quizplus · Accepted Answer

The first step in accounting is to identify and analyze financial transactions. The second step is to measure those transactions in monetary terms. The next step is to communicate the information in financial statements, and finally, decision making occurs based on the information provided in those statements. Therefore, the correct order is identifying, measuring, communicating, and decision making.

The Steps in the Process of Accounting Take Place in the Following