Asked by IHECHILURU OGBONNA on Apr 24, 2024
Verified
List the steps in processing transactions.
Transactions
Financial events that involve the transfer of value between two parties, recording in accounting records.
- Identify the steps involved in processing transactions.
Verified Answer
JN
Jordan NewsomMay 02, 2024
Final Answer :
Business transactions and events are the starting point.Source documents are analyzed for the effects of the transactions and events on the accounting records.The information is recorded into the journal.The information is then posted to the accounts and a trial balance is prepared from the ledger balances.The final step is the preparation of financial statements for decision makers.
Learning Objectives
- Identify the steps involved in processing transactions.
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