The length of an accounting cycle can be monthly, quarterly, half-yearly, or annually. This transaction would. The accounting process consists of three major parts: the recording of transactions during an accounting period. The accounting process begins with identifying economic events that impact the financial position of the business. Public Unit Account: An account that holds funds provided by the United States government and its agencies. Processing. Falana received $7,000 in cash from a client for professional services rendered. 4.2 THE ACCOUNTING PROCESS. The accounting process can be described as a set of procedures used in identifying, recording, classifying, and interpreting information related to the transactions and other events of a business enterprise. It may vary from organization to organization but the process remains the same. Accounting is a systematic process of identifying recording measuring classify verifying some rising interpreter and communicating financial information. Identify the correct sequence of accounting process a) Communicating -> Recording -> Identifying b) Recording -> Communicating -> Identifying c) Identifying -> Communicating -> Recording d) Identifying -> Recording -> Communicating The accounting cycle is the holistic process of recording and processing all financial transactions of a company, from when the transaction occurs, to its representation on the financial statements Three Financial Statements The three financial statements are the income statement, the balance sheet, and the statement of cash flows. Events are analyzed to find the impact on the financial position or to be more specific the impacts on the accounting equation. Summarizing. Business transactions are part of which phase in the accounting process? The economic events are the ones that can be measured in monetary terms and relate with the business organization. It reveals profit or loss for a given period and the value and the nature of a … Question 1) Accounting is “the process of identifying, measuring and communicating economic information to all stakeholders of a business’ (Drury,2008).” Most or all businesses require some sort of accounting to keep track of their business and to track progress of all information that’s linked to the stakeholders. (American Accounting Association) Accounting-an art of recording, classifying, and summarizing (American Institute of Certified Public Accountants) Accounting - service activity, it functions to provide quantitative … Identifying accounts and classifying accounts is part of which phase in the accounting process? Accounting process is the step by step process flow of an accounting transaction. The accounting cycle is a sequence of steps that occur in the accounting period and include the processes of identifying, collecting, analyzing documents, recording transactions, classifying, summarizing, and reporting financial information of an organization. The American Accounting Association defines accounting as: the process of identifying, measuring, and communicating economic information to permit informed judgments and decisions by the users of the information. Process of Accounting. Accounting cycle refers to the specific tasks involved in completing an accounting process. Accounting - process of identifying, measuring, and communicating economic information to permit informed judgment and decision by users of the information. Identifying the transactions from the events is the first step in the accounting process. This information is primarily financial—stated in money terms. Identify, Measure, Record, Classify, Summarize, Analyze, Interpret and communicate Accounting Process The word "Accounting" brings along with itself thousands of years of history and can be traced back to ancient times.