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Process of accounting

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Accounting involves recording financial transactions, posting them to ledgers, preparing an initial trial balance and final financial statements, and communicating this information to internal and external users. The key steps are recording transactions, posting to ledgers, preparing an initial trial balance and final accounts, and sharing the results with users inside and outside the company.

Input
Output
Economic events
measured in
financial terms
PROCESS OF ACCOUNTING
Accounting Cycle
Recording
transactions
in the books
of original
entry
Posting
To
Ledgers
Preparation
Of
Trail Balance
Preparation
Of
Final
Accounts
Communicating
Information to
Users
Internal Users External Users

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Process of accounting

1. Input Output Economic events measured in financial terms PROCESS OF ACCOUNTING Accounting Cycle Recording transactions in the books of original entry Posting To Ledgers Preparation Of Trail Balance Preparation Of Final Accounts Communicating Information to Users Internal Users External Users