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  • We have already discussed the development and importance of accounting as a source of disseminating the financial information and the basic accounting concepts that help in the recording of business transactions. The accounting involves a process of identifying and analysing the business transactions, recording them, classifying and summarising their effects and finally communicating it to the learners of accounting information.
  • ​In this chapter, we will discuss the Steps involved in the accounting process:
  • The first step involves identifying the transactions to be recorded and preparing the source documents.
  • Which are in turn recorded in the basic book of original entry called journal and are then posted to individual accounts in the principal book called ledger.

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