The collection, recording, classification, summarization, reporting, and analysis of an organization's financial condition are all part of accounting.
The accounting cycle is a five-step procedure that transforms raw financial data into a transaction's summary in financial statements.
Is the most common way of recording summing up and revealing the monetary exchanges of an association?
The process of recording, summarizing, and reporting on a company's business transactions through financial statements is known as financial accounting. These assertions are: the statement of retained earnings, the balance sheet, the cash flow statement, and the income statement.
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