Amy Pond, a fellow employee, wants to understand the basic steps in the recording process. Identify and briefly explain the steps in the order in which they occur

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Amy Pond, a fellow employee, wants to understand the basic steps in the recording process. Identify and briefly explain the steps in the order in which they occur
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Introduction :

Recording process is a part of accounting process.

In accounting all the transactions are identified , recorded and classified.

Recording is necessary as it will provide the complete details of the transaction based on which the financial statements will be prepared.

 

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