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

---

Definitions:

Special-Interest Effect

The impact on policy making by interest groups that can result in legislation that benefits a small group at the expense of the general public.

Tax Breaks

Financial discounts or incentives in the form of reduced tax rates, tax exemptions, or tax deductions provided by the government to encourage certain activities or investments.

Private-Sector Economic Risks

These are risks faced by businesses or individuals in the private sector that can impact economic performance, such as market fluctuations or changes in consumer demand.

Size And Scope

Refers to the scale and breadth of a business or project, including its capacities, reach, and the extent of activities covered.