Which of the Following Is the Last Step of Journalising

question 13

Multiple Choice

Which of the following is the last step of journalising an entry?

• A)Record the transaction in the journal, including a brief explanation.
• B)Identify each account affected and its type.
• C)Determine whether each account has increased or decreased.
• D)Post the accounts to the ledger.

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Definitions:

Journalize

The process of recording financial transactions in a journal, which is the first step in the accounting cycle.

Bank Reconciliation

The process of matching and comparing figures from the accounting records against those shown on a bank statement to ensure they are in agreement and correct.

Adjusted Balance

The account balance after adjustments have been made for interest, payments, and charges.

Bank Statement

A document issued by a bank summarizing an account's transactions, including deposits, withdrawals, and current balance, over a specific period.