The three basic steps of the systematic accounting process used to capture and report the financial effects of a company's activities are:
A)Picture,Name,Analyze.
B)Analyze,Record,Summarize.
C)Analyze,Journalize,Report.
D)Analyze,Capture,Report.

Question

Quizplus · Accepted Answer

The three basic steps of the systematic accounting process are analyzing the financial effects of a company's activities, recording those effects in the accounts, and summarizing the accounts in financial statements. This process is commonly known as the accounting cycle or accounting process. The steps in the process are sometimes expressed in different ways, but they typically involve analyzing transactions, journalizing them in the appropriate accounts, and then preparing a trial balance, adjusting entries, an adjusted trial balance, and financial statements. Choice B accurately addresses the three basic steps.

The Three Basic Steps of the Systematic Accounting Process Used