Which phase of the accounting process involves recognizing the effect of transactions on assets,liabilities,owner's equity,revenue,and expenses of a business?
A) input
B) processing
C) output
D) summarizing

Question

Quizplus · Accepted Answer

The processing phase of the accounting process involves recognizing the effect of transactions on assets, liabilities, owner's equity, revenue, and expenses of a business. This phase includes journalizing transactions, posting to accounts, preparing a trial balance, adjusting entries, and preparing financial statements.

Which Phase of the Accounting Process Involves Recognizing the Effect