Steps in Accounting Process
EdrawMax lets you create an accounting process diagram for your academic projects. As the below image depicts, accounting is the process of recording financial transactions about a business. The accounting process includes summarizing, analyzing, and reporting these transactions to oversight agencies, regulators, and tax collection entities. The accounting cycle is a series of steps that businesses take to track transactions and consolidate financial information over a specific accounting period. Steps in the accounting process are: identifying the transaction, recording the transactions in the journal, posting in the ledger, unadjusted trial balance, closing entries, preparation of financial statements, adjusting the trial balance, and adjusting the journal entries.
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