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9 November, 07:26

Which of the following steps in the accounting process is done after analyzing business

transactions?

a. Preparing the financial statements

b. Preparing a trial balance

c. Entering transactions in a journal

d. Posting journal entries

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Answers (1)
  1. 9 November, 07:45
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    c. Entering transactions in a journal

    Explanation:

    The accounting process starts when a specific transaction is analysed. Afterward, it needs to be recorded in the journal. The journal is the predecessor of the general ledger, so entering transactions in a journal is happening before the posting of journal entries. Preparing the financial statements is irrelevant for tracking transactions.
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