Introduction to Accounting — Account STD 11 Commerce — Question
CBSE BoardEnglish MediumSTD 11 CommerceAccountIntroduction to Accounting1 Mark
MCQ
$......$ is the last phase of Accounting process.
A
Classification
B
Summarizing
C
Recording
✓
Communication
✓
Answer
Correct option: D.
Communication
After completing the recording, classifying, summarising and interpretation of the financial transactions, all the relevant information is communicated to users of the financial statement.
There are mainly two types of users of the financial statements
Internal Users i.e., owner,
External Users: i.e., the investor and authorities.
Hence, Communication is considered the last phase of the accounting process.
Need a full question paper?
Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.