The Steps in the Accounting Process Focus on Analyzing and Recording

question 237

Short Answer

The steps in the accounting process focus on analyzing and recording financial transactions and events within a company. Those steps are shown below. Using the number system of 1 as the first step and 4 as the last step in the process, number the steps in the correct order in which they would occur (1 thru 4).
_____ Record relevant transactions and events in a journal,
_____ Post journal information to the ledger accounts
Prepare and analyze the trial balance
Analyzing each transaction

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Definitions:

Shareholders

Individuals or entities that own shares in a corporation, giving them partial ownership and certain rights.

Minority Shareholder

A shareholder owning less than half of the total shares, and consequently having less influence over corporate decisions.

Decision-making

The cognitive process of choosing a particular course of action among several alternatives to produce a desired result.

Minority Shareholder

An investor who owns less than half of the total shares of a corporation, and therefore does not have control over the company's decisions.