Final answer:
The three steps in the accounting process are identification, recording, and communication. It involves recognizing, documenting, and sharing financial transactions and events.
Step-by-step explanation:
The statement is true.
In accounting, the three steps in the process are indeed identification, recording, and communication.
Identification: This step involves recognizing and categorizing the financial transactions and events that have occurred.
Recording: In this step, the identified transactions and events are documented in the form of journal entries.
Communication: The final step involves sharing the recorded information with relevant parties through financial statements, reports, or any other necessary means.