The First Step of Journalizing an Entry Is To

question 1

Multiple Choice

The first step of journalizing an entry is to:

• A) post the accounts to the ledger.
• B) identify each account affected and its type.
• C) determine whether each account is increased or decreased.
• D) record the transaction in the journal, including a brief explanation.

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Definitions:

Direct Labour Time

The actual time workers spend on the production floor directly working on products or services.

Standard Costing System

An accounting method that uses standard costs for costing inventory and measuring efficiency.

Board Metres

A unit of measure used in the lumber industry to quantify the volume of wood.

Ideal Standards

Theoretical cost benchmarks assuming perfect operating conditions, used for planning and control.