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The four phases of accounting are: identification and record, sorting and classification, summarizing and presentation, and interpretation. The first two involves creating a log of financial transactions and categorizing them. Summarizing is the creation of charts, while interpretation is coming up with solutions to increase profit.

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9y ago
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15y ago

1. Recording

2. Classifying

3. Summarizing

4. Interpreting

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Q: 4 phases of accounting and their definition?
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