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  • Three Questions

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    Kunal Khaire
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    The three towers of accounts are: 1) R2R which involves collecting, processing, and presenting accurate financial data. 2) P2P which is the process of integrating purchasing and accounts payable systems to create efficiencies within procurement. 3) O2C which handles all aspects of customer orders from receiving to completing sales and payments. The five heads of accounting are Assets, Expense, Income, Liability, and Equity Accounts. The modern approach of accounting uses the account equation to debit or credit an account rather than directly debiting and crediting accounts.

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    The three towers of accounts are: 1) R2R which involves collecting, processing, and presenting accurate financial data. 2) P2P which is the process of integrating purchasing and accounts payable systems to create efficiencies within procurement. 3) O2C which handles all aspects of customer orders from receiving to completing sales and payments. The five heads of accounting are Assets, Expense, Income, Liability, and Equity Accounts. The modern approach of accounting uses the account equation to debit or credit an account rather than directly debiting and crediting accounts.

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    15 views1 page

    Three Questions

    Uploaded by

    Kunal Khaire
    The three towers of accounts are: 1) R2R which involves collecting, processing, and presenting accurate financial data. 2) P2P which is the process of integrating purchasing and accounts payable systems to create efficiencies within procurement. 3) O2C which handles all aspects of customer orders from receiving to completing sales and payments. The five heads of accounting are Assets, Expense, Income, Liability, and Equity Accounts. The modern approach of accounting uses the account equation to debit or credit an account rather than directly debiting and crediting accounts.

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    © All Rights Reserved
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    Q.1 What are the three towers of accounts?

    Ans: There are three towers of Accounts:

    I) R2R(Record to Report) – records to report is a finance and accounting management


    process that involves collecting, processing and presenting accurate financial data.

    II) P2P(procure to Pay) – Procure to Pay is the process of integrating purchasing and
    accounts payable systems to create greater efficiencies. It exists within the larger
    procurement management process involve four key stages selecting goods and services.
    Enforcing compliance and order.
    III) O2C(order to cash) – order to cash is how your business receives, processes, manages,
    and completes customer orders. This means handling all aspects of the sale including
    shipping the items, collecting the payment, creating invoices and reporting on the end-
    to-end process.

    Q.2 What are the five heads of accounting?

    And: Assets, Expense, Income, Liability, and Equity Accounts these are the five heads of
    accounting.

    Q. 3 What is the modern Approach of accounting?

    Ans: Under the modern approach, the account are not Debited and credited. Hence the Account
    equation is used to Debit or credit an account.

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