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
Answer: Option D
This Question Belongs to Commerce >> Miscellaneous In Commerce
A. Expenditure for the business
B. Cost for the business
C. Gain for the business
D. None of the above
Which of these items would be accounted for as an expense?
A. Repayment of bank loan
B. Dividend to stock holders
C. The purchase of land
D. Payment of current period rent
Debit the receiver credit the giver rule for:
A. Real a/c
B. Personal a/c
C. Nominal a/c
D. None of these
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