The correct term for the process of recording the economic effects of business transactions in a book of original entry is
A)Double-entry system
B)Debit
C)Credit
D)Journalizing

Question

Quizplus · Accepted Answer

Journalizing is the process of recording the economic effects of business transactions in a book of original entry, called a journal. The double-entry system is the method of accounting that records each transaction in two accounts - a debit account and a credit account. Debit and credit are the entries made in these accounts to reflect changes in assets, liabilities, and equity. Therefore, while A, B, and C are all important terms in accounting, the process of recording transactions in the journal is specifically referred to as journalizing.

The Correct Term for the Process of Recording the Economic