Which of the Following Is the Correct Order for Preparing

question 13

Multiple Choice

Which of the following is the correct order for preparing a journal entry?

• A) Identify which accounts are involved; For each account, determine if it is increased or decreased; For each account, determine by how much it has changed
• B) For each account, determine if it is increased or decreased; For each account, determine by how much it has changed; Identify which accounts are involved
• C) For each account, determine if it is increased or decreased; Identify which accounts are involved; For each account, determine by how much it has changed
• D) Identify which accounts are involved; For each account, determine by how much it has changed; For each account, determine if it is increased or decreased

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Definitions:

Cash Receipts

The collection of money, including coins, notes, check payments, or money orders, received by a business during a given period.

Internal Control

Internal control comprises the policies and procedures implemented by a company to safeguard its assets, ensure financial reporting accuracy, and comply with laws and regulations.

Principle Of Internal Control

A framework designed to provide reasonable assurance regarding the achievement of objectives in effectiveness and efficiency of operations, reliability of financial reporting, and compliance with applicable laws and regulations.

Fraud

Fraud is a deliberate act of deception intended for personal gain or to cause a loss to another party, often involving financial transactions.