BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Recording of data in the books of accounts
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Preparation of summaries in the form of financial statements
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Communication of information
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Analysis and interpretation of information
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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.
Detailed explanation-2: -So, the first step is identifying and the last step is communicating the information.
Detailed explanation-3: -Answers. Communication of information is the last step of accounting as process of accounting information.
Detailed explanation-4: -Communicating the financial data to the users on time is the final step of Accounting so that they can make appropriate decisions.
Detailed explanation-5: -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.