Which Step in the Process of Measuring External Transactions Involves

question 94

Multiple Choice

Which step in the process of measuring external transactions involves assessing the equality of total debits and total credits?

• A)Use source documents to determine accounts affected by the transaction.
• B)Prepare a trial balance.
• C)Analyze the impact of the transaction on the accounting equation.
• D)Post the transaction to the T-account in the general ledger.

---

Definitions:

Major Industries

The leading sectors of an economy, characterized by their significant impact on employment, innovation, and overall economic growth.

Junk Bond Market

The junk bond market refers to the segment of the bond market that deals with high-yield, high-risk bonds with lower credit ratings than investment-grade.

Late 1980s

The late 1980s refer to the period from 1985 to 1989, often remembered for significant economic, cultural, and technological developments.

Recession

A significant decline in economic activity spread across the economy, lasting more than a few months, typically visible in real GDP, income, employment, industrial production, and wholesale-retail sales.