What Is the First Step in the Journalizing Process

question 53

Multiple Choice

What is the first step in the journalizing process?

• A)Record the transaction in the journal.
• B)Post the transaction to the ledger.
• C)Determine whether each account is increased or decreased by the transaction.
• D)Specify each account affected by the transaction and classify each account by type.

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Definitions:

Pricing Decisions

Refers to the process of setting the price for a product or service, considering factors like cost, competition, and customer demand.

Legal Issues

Legal issues refer to matters of law encompassing regulations, statutes, and legal precedents that impact individuals, businesses, and relationships.

Political Issues

Challenges and factors related to government policies, regulations, or political stability that can affect business operations.

Ethical Issues

Moral problems or dilemmas that arise in the context of professional practices or business operations, often requiring careful thought or action.