Answer Posted / mohammed enayath ali

A. accounting is a process of recording, classifying,
summarizing, analyzing and interpretation the financial
transactions.

a)Recording: done in journal.

b)Classifying: The work of classifying done in ledger books.

c)Summarizing: This involves presenting the classified data
in a manner which is understandable and useful for internal
end users. This process leads to preparation of the
fallowing statements TB/P&L/B/S

d)Analyzing: Method of classification of the given in the
financial statements (differentiate assets and liabilities)

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