The accounting process begins with:
A)Analysis of business transactions and source documents.
B)Preparing financial statements and other reports.
C)Analysis of prepared financial statements.
D)Presentation of financial information to decision-makers.
E)Preparation of the trial balance.

Question

Quizplus · Accepted Answer

The accounting process typically begins with the analysis of business transactions and source documents. These transactions may include sales, purchases, payments, and other financial activities that are recorded in various documents such as invoices, receipts, and bank statements. By analyzing these source documents, accountants can begin to record and organize the financial information that will eventually be used to prepare financial statements and other reports.

The Accounting Process Begins With