The first step in the analyzing and recording process is to analyze each transaction and event from source documents.

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Quizplus · Accepted Answer

This statement is true. The first step in the accounting process is to analyze each transaction and event from source documents such as receipts, invoices, and bank statements. This allows the accountant to determine what accounts need to be updated and record the transaction accurately in the company's records.

The First Step in the Analyzing and Recording Process Is