Which of the Following Is the First Step in the Accounting

question 2

Multiple Choice

Which of the following is the first step in the accounting cycle?

• A)Recognize that a transaction has occurred
• B)Prepare a source document
• C)Prepare a chart of accounts
• D)Journalize a transaction

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Definitions:

J-Shaped Relationship

A statistical pattern where lower and higher amounts of a variable are associated with higher risks, and moderate amounts have the least risk, resembling a "J" on a graph.

Discrimination Coefficient

A measure used in statistics and econometrics to assess the degree of separation or differentiation between distinct groups or sets of data.

African Americans

An ethnic category in the United States comprising people with either complete or partial lineage from black racial groups in Africa.

Prejudiced

Having preconceived opinions or judgments without just grounds or before sufficient knowledge.