What Is Accounting? Flashcards
(6 cards)
1
Q
What is the first step in accounting?
A
Identifying - identify the nature of the transaction.
2
Q
What is the second step in accounting?
A
Measuring - determine the value of a transaction.
3
Q
What is the third step in accounting?
A
Recording - record the transaction in the books account.
4
Q
What is the fourth step in accounting?
A
Reporting - report the financial information.
5
Q
What is the fifth step in accounting?
A
Interpreting - interpret financial information.
6
Q
What does financial information indicate?
A
Financial information indicates the…
