The Usual Sequence of Steps in the Recording Process Is

question 76

Multiple Choice

The usual sequence of steps in the recording process is to

• A)analyze each transaction, enter the transaction in the journal, and transfer the information to the ledger accounts.
• B)analyze each transaction, enter the transaction in the ledger, and transfer the information to the journal.
• C)analyze each transaction, enter the transaction in the book of accounts, and transfer the information to the journal.
• D)analyze each transaction, enter the transaction in the book of original entry, and transfer the information to the journal.

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Definitions:

Sole Proprietorship

A business owned and operated by a single individual, where there is no legal distinction between the owner and the business.

Undisclosed Principal

A person who is represented in a transaction by an agent but whose identity is not revealed to the third party involved.

Agent's Authority

Refers to the powers granted to an agent by the principal, enabling the agent to act on behalf of the principal in legal or business matters.

Apparent Authority

A situation where a reasonable third party would understand that an agent had the authority to act, even if the agent did not have such authority.