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 significant steps in the accounting cycle include recording journal entries, posting to the general ledger, calculating trial balances, making adjusting entries, and creating financial statements. It should be noted here that accounting is a systematic process of identifying, recording, measuring, classifying, verifying some rising interpreter, and communicating financial information. It reveals profit or loss for a given period and the value and the nature of a firm's assets and liabilities and owner's equity.