the ____ is where a transaction can first be found on the accounting records. course hero

What are accounting records?

137. The ____ is where a transaction can first be found on the accounting records. A. chart of accounts B. income statement C. balance sheet D. journal. 138. The process of recording a transaction in the journal is called A. recording B. journalizing …

What is'accrual accounting'?

100% (6 ratings) Answer :- (C) Journal Explanation:- Journal:- It refers to the piece of information which is recorded on the day to d …. View the full answer. Transcribed image text: Question 10 (4 points) The is where a transaction can first be found on the accounting records. chart of accounts balance sheet journal income statement.

Why are accounting records to be retained for a long time?

Jul 06, 2019 · View full document. Question 1 5 out of 5 points The _________ is where a transaction can first be found in the accounting records. Correct Answer: Evaluation Method Correct Answer Exact Match journal. Question 2 14 out of 14 points During the month, Iris Labs Co. has a substantial number of transactions affecting each of the following accounts.

Which entities are most likely to inspect accounting records?

Apr 07, 2021 · 137.The ____ is where a transaction can first be found on the accounting records. A.chart of accounts B.income statement C.balance sheet D.journal 138.The process of recording a transaction in the journal is called A.recording B.journalizing C.posting D.summarizing 139.Joshua Scott invests $40,000 into his new business.

Where can a transaction first be found on the accounting records?

Transactions are first recorded in the books of prime entry and then recorded on the ledger system. A prime entry record (or book of prime entry) is where a transaction is first recorded.Dec 4, 2021

When a transaction occurs it is first recorded in a?

journalWhen an accounting transaction occurs, it is first recorded in the accounting system in a journal. There may be several journals, which are either designed to contain special types of transactions (such as for cash receipts, cash disbursements, or sales) or for all other types of transactions.Oct 25, 2021

What is a record of transactions in accounting?

Recording of transaction- I is a process of accounting transactions of the business in several books of accounts like cash book, journal book, a ledger account, profit & loss account, etc. These entries are a source of documents which act as evidence for all the transactions taking place in the company.

Is a record of transaction in the books of accounts?

The single column cash book records all cash transactions of the business in a chronological order, i.e., it is a complete record of cash receipts and cash payments. Also remember that only those business transactions which concern money and can be expressed in monetary terms are recorded in the books of account.Jun 18, 2020

When the transaction occurs it is first recorded in and then subsequently recorded in?

Transactions that first appear in the journals are subsequently posted in general ledger accounts.

What is the first step of the accounting cycle?

identifying transactionsThe first step in the accounting cycle is identifying transactions. Companies will have many transactions throughout the accounting cycle. Each one needs to be properly recorded on the company's books. Recordkeeping is essential for recording all types of transactions.

How do you record transactions in a journal?

To record transactions, accounting system uses double-entry accounting. Double-entry implies that transactions are always recorded using two sides, debit and credit. Debit refers to the left-hand side and credit refers to the right-hand side of the journal entry or account.

Which of the following is a first product of accounting cycle?

The first four steps in the accounting cycle are (1) identify and analyze transactions, (2) record transactions to a journal, (3) post journal information to a ledger, and (4) prepare an unadjusted trial balance.

Where do we record the transaction that we have identified in the accounting process Brainly?

Once each transaction is identified and classified, the information is recorded in the company general ledger.May 9, 2021

Which account is opened first in ledger book?

Answer: The debit or credit balance of a ledger account brought forward from the old accounting period to the new accounting period is called opening balance. This will be the first entry in a ledger account at the beginning of an accounting period.Dec 18, 2020

Which transactions are recorded in purchase book?

Solution. With an intention to earn a profit on goods, when goods are purchased on credit for manufacturing or for resale, are only recorded in the purchase book. Goods purchased on credit from the supplier are only recorded in Purchase Book.

Which of the following is recorded in the books of accounts?

Answer. Answer: Cost concept- The cost concept requires that all assets are recorded in the book of accounts at their purchase price, which includes cost of acquisition, transportation, installation and making the asset ready to use. Hence, it shall be recorded at its cost.Oct 14, 2020

What are some examples of accounting records?

Examples of Accounting Records. Examples of accounting records are the general ledger, all subsidiary ledgers, invoices, bank statements, cash receipts, and checks.

Why are accounting records retained?

They are to be retained for a number of years, so that outside entities can inspect them and verify that the financial statements derived from them are correct. Auditors and taxing authorities are the entities most likely to inspect accounting records.

How long should accounting records be kept?

At a minimum, records should be stored for as long as required to support an audit by the Internal Revenue Service.