What Is the First Step in the Journalizing Process

question 63

Multiple Choice

What is the first step in the journalizing process?

• A) Enter the transaction in the journal.
• B) Identify the transaction from source documents and other information.
• C) Post the transaction to the ledger.
• D) Determine what accounts will be affected and whether to debit or credit them.

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Definitions:

Single Department

Refers to a unit or division within an organization that focuses on a specific area of operation or function.

Professionally Managed

Refers to a business or organization run by people with expert knowledge or qualifications in the field.

Plans And Manages Growth

The strategic approach taken by businesses to identify opportunities for expansion and systematically increase their market presence, scale, and operations.

Existence Stage

The initial phase in the life cycle of a business, where the main focus is to prove viability and establish a market presence.