The basic sequence in the accounting process can best be described as:
A)Transaction, journal entry, source document, ledger account, trial balance.
B)Source document, transaction, ledger account, journal entry, trial balance.
C)Transaction, source document, journal entry, trial balance, ledger account.
D)Transaction, source document, journal entry, ledger account, trial balance.

Question

Quizplus · Accepted Answer

The correct sequence in the accounting process starts with a transaction, which is documented by a source document. This is followed by making a journal entry to record the transaction in the books. The details from the journal are then posted to the ledger accounts. Finally, a trial balance is prepared to check the accuracy of the accounts.

The Basic Sequence in the Accounting Process Can Best Be