5. Accounting Process Recording of transaction (Journal entry) Classification (Ledger Posting) Summarizing (Trial balance) Interpreting (Income &position statement) Analysis of transactions
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9. Users of accounting information Owners Management Creditors Government Investors Employees Researches Lenders
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30. ACCOUNTING STANDARDS Accounting bodies all over the world have tried to achieve some uniformity in the accounting policies by prescribing certain accounting standards in order to narrow the range of alternatives available to an organization in respect of collection and presentation of accounting information.