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Introduction to Accounting — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountIntroduction to Accounting1 Mark
MCQ
_______ is the first phase of accounting process.
  • A
    Classification
  • B
    Summarizing
  • ✓
    Recording
  • D
    Communicating
✓

Answer

Correct option: C.
Recording
In accountancy, firstly all the transaction which are of financial nature and related to the business are identified and recorded in the books of accounting.
The transactions are recorded in a chronological manner in the primary books.
After that, they are classified in the ledger books, then summarised, interpreted and communicated to the users of the financial statement.
There are mainly two types of users of the financial statement i.e., internal users and external users.

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