Question

what point in the accounting process?

Answer 1

Accounting process is all about following the given steps by accounting department as mainly focuses on

-proper analysis of the accounting transactions made during the year in which whether money received or spent with which accountant can avail the exact amount.

-Documented proof is needed to show the transacted amount in which also accounting process places viral role. Through thet steps of the accounting process namely collecting, analysing and recording of the transaction only possible.

-company accounts in which every transaction dealt with the customer or client who makes payment or received by them you need to ensure specific account linked with that transaction. By posting the transaction details to the ledger we came to know all these.

-to know the profits and the final position we need to analysis of all the accounts by preparation of income statement and balance sheet at the end of the period .

Conclusion

To know the current position of the company the process of cycle can help in preparation of the future plans, for tax purposes and for reporting also.

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