The First Step in the Accounting Record-Keeping Process Is

question 68

Multiple Choice

The first step in the accounting record-keeping process is:

• A)recording each transaction in a file or other record in the form of a journal entry.
• B)posting the amounts from the journal entries to individual balance sheet and income statement accounts in a general ledger.
• C)making adjusting journal entries to the accounts to correct errors and to reflect the financial statement impacts of items that occur because of usage or the passage of time.
• D)preparing the income statement for the period from amounts in the income statement accounts.
• E)preparing the balance sheet from amounts in the balance sheet accounts.

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Definitions:

Negative Attitude

A negative attitude is a predisposition or a tendency to respond unfavorably or with dislike towards a particular idea, person, thing, or situation.

Automatic

Tasks or processes that occur without the need for conscious thought, often as a result of learning or repetition.

Automatic Attitudes

Immediate, involuntary responses or evaluations that one has toward an object or concept.

Deliberate Attitudes

Conscious and intentional evaluations or feelings towards objects, people, or concepts.