Which of the Following Is the Last Step of Journalizing

question 157

Multiple Choice

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

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

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Definitions:

Multiple-Step Approach

An income statement preparation method that highlights several steps or stages in determining net income, including operating and non-operating sections.

IFRS

IFRS stands for International Financial Reporting Standards, a set of accounting standards that provide guidelines for financial reporting globally.

Income from Operations

Earnings generated from a company's regular, core business activities, excluding non-operational income and expenses.

Operating Expenses

Expenses that are incurred during the normal operation of a business, including costs like rent, utilities, and salaries.