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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Chapter
Section
BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

ACCOUNTING PROCESS List the six major steps of the accounting process in order (1–6) and define each.

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To determine

List and define the six major steps of accounting process.

Explanation

Accounting:

Accounting is a system, or a process of collecting and organizing economic transactions, analyzing, and summarizing the transactions into reports, and communicating the relevant information to the users.

List and define the six major steps of accounting process.

Order NumberAccounting processDefinition
2.Recording

Recording is the process of making record of the financial information in the accounting system.

4.Summarizing

Summarizing is the accumulation of similar events as to provide information that are easy to understand...

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