BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The usual sequence of steps in the transaction recording process is:
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journal-analyze-ledger.
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analyze-journal-ledger.
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journal-ledger-analyze.
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ledger-journal-analyze.
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Explanation:
Detailed explanation-1: -The usual sequence of steps in the recording process is to analyze the transaction first, then record it in the books of original entry or journal and then transfer the recorded entries in to their respective ledger accounts. Hence, it is a correct option.
Detailed explanation-2: -Answer and Explanation: The correct answer is option b. Journal, ledger, trial balance, financial statements.
Detailed explanation-3: -Recording of a transaction in journal is called posting.
Detailed explanation-4: -The recording process has three basic steps as identification, recording, and classification: Identifying: The first step in the recording process requires identifying the impact of transactions on the accounts.
There is 1 question to complete.