Financial Accounting is Recording,Analysing & Summarising Financial Data

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Financial Accounting is recording, analysing and summarising financial data. Diagram: 1) Recording Recording involves entering data in the books of prime entry, such as sales daybook, purchase daybook, cashbook etc. 2) Analysing Analysing involves posting of data from books of prime entry to relevant nominal ledger accounts, such as sales ledger control account, purchase ledger…

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