The Proper Sequence Used in Recording a Business Transaction Is

question 21

Multiple Choice

The proper sequence used in recording a business transaction is:

• A) analyze, post, journalize, post the account balance, and complete the reference column in the journal.
• B) analyze, journalize, post, record the account balance, and complete the reference column in the journal.
• C) analyze, journalize, post, complete the reference column in the journal, and record the account balance.
• D) journalize, analyze, post, post the account balance, and complete the reference column in the journal.

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Definitions:

Truth-in-Savings Act

A U.S. federal law designed to promote the disclosure of account terms and fees to consumers, particularly regarding savings accounts and interest-earning bank accounts.

Information

A document, prepared by the prosecutor and presented to the magistrate, which demonstrates that there is enough evidence to charge the defendant and bring him or her to trial.

Accounts

Records or statements of financial transactions, reflecting the financial activities of a person or organization.

Negotiable

A term describing an instrument, such as a check or bill of exchange, that can be transferred from one person to another in a manner that the holder in due course acquires a good title.