Which of the following is not a step in the accounting cycle?
Explanation: Verification is not a step in the process of accounting. After the preparation of the financial statements, it is the responsibility of a certified person known as an auditor to verify and inspect all the books of accounts of the company. Identification is an incorrect option because it is the first step of the process. The recording is an incorrect option because it is the main step of the process. Financial transactions need to be recorded according to the principles and standards of accounting. Communication is an incorrect option because it is the last step of the accounting process.