What Is the Last Step in the Journalizing Process

question 190

Multiple Choice

What is the last step in the journalizing process?

• A)Record the transaction in the journal.
• B)Post the transaction to the ledger.
• C)Determine whether each account is increased or decreased by the transaction.
• D)Specify each account affected by the transaction and classify each account by type.

Apply the equity method of accounting for investments and its tax implications.

Understand and describe various ownership structures and their implications on consolidation accounting.

Understand the accounting treatment of intra-entity dividends for both financial reporting and tax accounting.

Identify the criteria for filing consolidated income tax returns among entities.

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Definitions:

Codes of Ethics

Guidelines designed to help professionals conduct business honestly and with integrity, usually set by professional organizations or individual companies.