Differentiate between recording and reporting processes.
Saturday, September 23, 2023
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Question: Differentiate between recording and reporting processes.
Recording and reporting processes are two distinct but related activities in accounting. Recording refers to the process of capturing and documenting financial transactions using journals, ledgers, and other records. Reporting refers to the process of summarizing and communicating financial information to external users such as investors, creditors, and regulators. Recording is essential for ensuring the accuracy and reliability of reporting, while reporting is essential for providing useful and relevant information for decision-making.
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