Journalising a Transaction Means

question 45

Multiple Choice

Journalising a transaction means:

• A)recording the transaction,including a brief explanation.
• B)calculating the balance in an account.
• C)copying the information from the journal to the ledger.
• D)finding the account number in the chart of accounts.

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Definitions:

Spreadsheet

A digital tool allowing users to organize, analyze, and store data in tabular form, often used for financial calculation and management.

Job-Order Costing

An accounting method used to track the costs associated with producing specific jobs or batches, assigning material, labor, and overhead costs to each job separately.

Cost of Goods Sold

The direct costs attributed to the production of the goods sold by a company, including direct labor and materials, but excluding indirect expenses.

Balance Sheet

A financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time.