Question

The accounting process begins with: Multiple Choice Analysis of business transactions and source documents. Preparing financial statements and other reports. Analysis of prepared financial statements. Presentation of financial information to decision-makers. Preparation of the trial balance.

Answer 1

Answer:

The accounting process begins with Analysis of business transactions and source documents

Explanation:

The Accounting process begins by identifying the transactions and events that occurred in the business.

After identification, the events and transactions have to be recorded in appropriate Account using the proper books of entry.

A list of Balances known as the Trial Balance is then computed when the Accounts are closed.

The Trial Balance is then used to prepare financial statements.

Financial Statements are then Analysed to assist various stakeholders and users of financial statements to make decisions.

Answer 2

Answer: Analysis of business transactions and source documents.

Explanation: The subtotal of steps or processes required by businesses to make financial evaluation and deduction of transactions which occurred during a particular period of time or pertaining to certain projects such that it portrays clarity and accountability could be referred to as an accounting process.

The process begins with the identity or analyzing businesses embarked upon during a particular period it involves gathering transactional documents such as receipt, invoice, agreement and other evidences relating to payment or receipt of funds. Transactions are then recorded in appropriate entries and a trial balance employed in other to prepare financial statement account by making appropriate input into the debit and credit columns. Prepared statement could then be analyzed and employed in decision making.