Asked by Celeste Machado on May 04, 2024
Verified
After deciding which accounts are affected, the next step in analyzing a transaction is to determine to which categories the accounts belong.
Accounts Affected
The specific accounts in the general ledger that are impacted by financial transactions.
- Identify the correct categories for different accounts.
Verified Answer
CB
CLINTON BrooksMay 08, 2024
Final Answer :
True
Explanation :
After identifying the affected accounts, the next step is to categorize these accounts into their respective categories (assets, liabilities, equity, revenue, or expenses) to understand how the transaction impacts the financial statements.
Learning Objectives
- Identify the correct categories for different accounts.