What Is One of the First Steps in the Journalizing

question 30

Multiple Choice

What is one of the first steps in the journalizing process?

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

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Definitions:

Assignment

The conveyance of entitlements, properties, or liabilities from one party to a different one.

Delegation

The act of assigning responsibility or authority from one person to another.

Donee Beneficiary

A third party who benefits from a contract made between two other parties, specifically where the intent is to gift a benefit or rights under the contract to the third party.

Promisee

The person to whom a promise is made or a commitment is given.