Basic steps in the recording process include all of the following except
A) transfer the journal information to the appropriate account in the statement of financial position.
B) analyze each transaction for its effect on the accounts.
C) enter the transaction information in a journal.
D) All of these answer choices are correct.

Question

Quizplus · Accepted Answer

The basic steps in the recording process are to analyze each transaction for its effect on the accounts, enter the transaction information in a journal, and then transfer the journal information to the appropriate account in the statement of financial position. Therefore, option A is incorrect as it contradicts the steps in the recording process.

Basic Steps in the Recording Process Include All of the Following