Answered: The starting point of the accounting…

The starting point of the accounting process is communicating information to users. identifying economic events. recording economic events. none of these answers are correct.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 8Q: Is it still necessary to record a transaction if it has no net effect on the accounting equation?...

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Question

The starting point of the accounting process is
communicating information to users.
identifying economic events.
recording economic events.
none of these answers are correct.

Expert Solution

Step 1

Accounting process is process in which transactions are recorded and posted in ledger accounts and prepare adjusted trail balance to final financial statements.

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