Accounting - is the art of recording, classifying and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of a financial character, and interpreting the result thereof, Bookkeeping - Routine recording of economic activities. It is a mechanical process., Journal - The transactions are in Journal in chronological order., TRIAL BALANCE - is prepared at the end of period for the preparations of financial statements, LEDGER - All journals are posted into chronologically and in a classified manner., FINANCIAL STATEMENTS - can now be easily prepared which will exhibit the true financial position and operating results.,

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