List and describe the steps in the accounting process. Why are these steps necessary? Are any steps optional?

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David · Accepted Answer

List and describe the steps in the accounting process. Why are 
these steps necessary? Are any steps optional?
The steps to be followed in the accounting process are described as follows:- 
1. Bring the opening balances in the accounts. Thus the first step is to pass 
opening entries 
2.

List and describe the steps in the accounting process. Why are these steps necessary? Are any steps optional?

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