As business and public entities keep on expanding, there also the need foraccounting practices to keep to date as to meet the organizational objectives. Whateverdecision is to be taken by management such decision depend on how well accountingdata is collected, analyzed, summarized and interpreted. Accounting as an informationtool passes through six critical stages, which if care is not taken at any stage the aimsand objectives of the exercise can easily be jeopardized. The objective of the paper is toassess the stages and find out the six stages and analyzed the characteristic of each stage.In doing so secondary data including text books and journals are consulted. The studyfound that irrespective of whatever method employed,( human, mechanical or computer)human error is the central focus. The paper recommended that intensive accountingtraining should be given to accounting technicians. Similarly, the paper also recommendsthat accountants and accounting technicians should duly comply with accountingprofessional ethics.