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What Do You Understand By The Word Accounting
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Answer Posted / anusha
accounting refers to the process of generating financial statements,beginning with a business transaction and ending with the preparation for the report, there are 6 steps in accounting cycle.The first step is to analyse business transaction document.The second step is to record business transaction in journal.The third step is to post the journal entries to ledger.The fourth step is to prepare trial balance.The fifth step is to prepare financial statement and management report according to account data.The final step is to analyse the report.The result of accounting cycle is financial statement.The best know example of financial statement is balance sheet,statement of cash flow and income statement.
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