0
2 Explain the process of journalizing the business transactions?
Wiki User
∙ 13y ago
Accounting is a process-oriented task that follows a prescribed series of steps in order to keep track of, and record, the balances of the various accounts.
When a business makes a transaction, the effect of that transaction is recorded in the accounting system. According to the fundamental accounting equation, each transaction will affect at least two accounts and the balances in those accounts will change.
Accounting is the process of keeping track of those changes and recording and then reporting them.
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
The process of recording transactions in the journal is called posting?
No, it's journalizing.
what is the process of initially recording a business transaction is called?
journalizing
The process of initially recording a business transaction is called?
Journalizing
How do you explain accounting Cycle?
It is a process to record business transactions in ledger accounts and then generating useful financial information for example income statement, balance sheet.
What is the process of assigning a monetary value to all business transactions?
Valuation
Explain what accounting is?
In simple terms Accounting is the process(technique) of identifying, recording, summarizing, analysing and interpreting transactions & events.
What's a credit card processing company?
A credit card processing company is a third party in a credit card transaction. They process the transactions on behalf of a business for a fee. This may be especially helpful for a small business that doesn't have a lot of credit card transactions.
Can a business process is reengineered without the support of information technology Explain?
Without IT, business processes can reengineered but with bottleneck.
How does business transaction relate to the accounting process?
Simply in general terms, the Accounting process is all about Money. And transactions are some kind of statements about transfering money. And accouting deals with these statements to make a final decisions. That's why the transactions are related to accouting processs
How does business transaction relate to accounting process?
Simply in general terms, the Accounting process is all about Money. And transactions are some kind of statements about transfering money. And accouting deals with these statements to make a final decisions. That's why the transactions are related to accouting processs
Which phase of the accounting process involves recognizing the effect of transactions on assets liabilities owner's equity revenue and expenses of a business?
Processing
How can you justify that accounting is an information system?
Accounting itself is a systematic recording of transactions that occur in a business. It's the process of summarizing and reporting those transactions in financial statements. Accounting in itself is start of an information system.
