The accounting process begins with:
A)Analysis of business transactions and events.
B)Preparation of financial statements and other reports.
C)Summarizing the recorded effects of business transactions.
D)Presentation of financial information to decision-makers.
E)Preparation of the trial balance.

Question

Quizplus · Accepted Answer

The accounting process always starts with analyzing and identifying business transactions and events that need to be recorded in financial records. Only after these transactions are identified can they be recorded and summarized in financial statements and reports.

The Accounting Process Begins With