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Class : 11
Unit : Account

Mention the process/step/cycle of accounting.

Ans : The following are the process of accounting:- a. Identification of financial transaction. b. Recording of financial transactions in primary books. c. Classification of financial transactions through trial balance. d. Summarization of classified transactions though trial balance. e. Preparation of financial account. f. Analysis and interpretation of financial statements and reports. g. Communicating the financial information to various users.
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