What are the 4 phases of accounting and their meaning?

Hope this'd be a known concept that every single business person deals with.

Let me just give a gist of the accounting phases here:

1. The most important aspect would be - Identification of the transactions and getting it recorded. Literally, this would make up the next level of happenings in the accounting industry.

2. Secondly, you're in need to sort them in an order and get them classified to the concerned categories. Could either be your income or your expenditure. Just get that sorted according to your company's ledger.

3. Yup! Now you've to sum up the records that are classified and get them presented. This helps to manage your cash flow in a better way.

4. Submitting the record, you'll be able to finalize if you want to improve your business revenue or so.

These #4 aspects will draw a picture for the accounting phases :)