There Are Four Steps in the Accounting Process

question 43

Multiple Choice

There are four steps in the accounting process. Which of the steps is most concerned with the classification and summarisation of financial data?

• A) Identification
• B) Recording
• C) Measurement
• D) Communication

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Definitions:

Strategy

A plan of action designed to achieve a long-term or overall aim.

Cultural Issues

Challenges and considerations that arise in workplaces or societies from differences in traditions, practices, languages, and values among people.

Ethical Issues

Dilemmas involving principles of right and wrong that govern the conduct of individuals and organizations.

Global Environment

Refers to the international context in which businesses operate, encompassing economic, political, social, and technological factors across borders.