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in accounting process there is summerizing.
what is sumarizing? and an relevant example of summarizing?
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Answer Posted / shishir
Summarizing in Accounting means preparing the Trial Balance.
Lets understand it. When a transaction takes place, we record it in the journal (known as RECORDING), and from there it is posted to the concerned ledger accounts (known as CLASSIFYING). The above process continues till the end of the financial year, at the end of which we BALANCE all the ledger accounts and bring the balances to one place (so we SUMMARIZE) called Trial Balance.
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