Which of the Following Is the Order of Steps to Journalise

question 21

Multiple Choice

Which of the following is the order of steps to journalise an entry?

• A)Identify each account affected, determine increase or decrease in each account, record the transaction.
• B)Determine increase or decrease in each account, identify each account affected, record the transaction.
• C)Record the transaction, identify each account affected, determine increase or decrease in each account.
• D)Identify each account affected, record the transaction, determine increase or decrease in each account.

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Definitions:

Market Supply

The total amount of a good or service that producers are willing and able to sell at varying price points, at a given time.

Long Run

An economic phase characterized by the variability of all production inputs and expenses.

Industry Supply Curve

It represents the total quantity of goods or services that producers in an industry are willing and able to supply at various price levels.

Elastic

Describes a situation where the quantity demanded or supplied of a good or service is sensitive to changes in its price.