What are the various steps involved in the accounting process? Article shared by The various steps involved in the accounting process are as follows: Analyzing the transactions. image source: usercontent2.hubimg.com/8114263_f1024.jpg Classifying the transactions. Recording the transactions. Summarizing the transactions. Interpreting the accounting records. Related Articles: What are the difference between Cost Accounting and Financial Accounting? What do you mean by triple column cash book? How transactions are recorded in ledger?