Which of the following is NOT part of the process of accounting for financial information?

Question

Quizplus · Accepted Answer

Identifying is not a specific step in the process of accounting for financial information. However, recording, classifying, and communicating are essential components of this process. Recording refers to the actual entry of financial data, such as transactions and events, into an accounting system. Classifying involves organizing the financial information into relevant categories, such as assets, liabilities, income, and expenses. Communicating refers to the distribution of financial information to interested parties, such as shareholders, managers, and regulators.

Which of the Following Is NOT Part of the Process