BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -The last step in the accounting cycle is to make closing entries by finalizing expenses, revenues and temporary accounts at the end of the accounting period. This involves closing out temporary accounts, such as expenses and revenue, and transferring the net income to permanent accounts like retained earnings.

Detailed explanation-2: -The three steps in the accounting process are identification, recording, and communication.

Detailed explanation-3: -Communicating the financial data to the users on time is the final step of Accounting so that they can make appropriate decisions.

Detailed explanation-4: -The steps in the accounting cycle are identifying transactions, recording transactions in a journal, posting the transactions, preparing the unadjusted trial balance, analyzing the worksheet, adjusting journal entry discrepancies, preparing a financial statement, and closing the books.

Detailed explanation-5: -Communication is the core activity of the accounting profession, transmitting information from one person to another, from one organisation to another – or a combination of both – and to the shareholders and other stakeholders of the organisation.