Download TOA Lecture 1 Accounting Process PDF Free - Full Version
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About TOA Lecture 1 Accounting Process
The document discusses key aspects of the financial accounting process, including: 1) The accounting process involves identifying, measuring and communicating economic information to aid in decision making. An accounting system records and stores transaction data to prepare financial statements. 2) Bookkeeping records transactions chronologically using double-entry or single-entry systems. Double-entry follows the transaction approach and complies with GAAP. 3) The financial accounting process involves identifying transactions, analyzing effects, measuring amounts, classifying, recording, summarizing, adjusting, and communicating information through financial statements. It occurs in a cyclical manner through recording, summarizing, adjusting, and closing phases.
Detailed Information
| Author: | ['Marielle Sidayon'] |
|---|---|
| Publication Year: | 2020 |
| Pages: | 6 |
| Language: | English |
| Format: | |
| Price: | FREE |
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