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Accounting Principles Quiz
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Accounting Principles Quiz

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@WarmerOnyx

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Questions and Answers

What is the purpose of the Identify step in the IRD process?

  • To determine if a transaction is recordable (correct)
  • To communicate transactional data
  • To order transactional data
  • To summarize transactional data

    • Where should a transaction be recorded in the IRD process?

  • Financial Statements
  • General Ledger
  • Book of Original Entry (correct)
  • General Journal

    • What is the last step in the IRD process?

  • Summarize
  • Identify
  • Communicate (correct)
  • Record

    • What determines if a transaction is relevant and needs to be recorded?

    <p>The involvement of money</p> Signup and view all the answers

    Which step of the IRD process involves determining if a transaction is recordable?

    <p>Identify</p> Signup and view all the answers

    What is the General Journal also known as?

    <p>Book of Original Entry</p> Signup and view all the answers

    What is the purpose of the Record step in the IRD process?

    <p>To record transactions in the General Journal</p> Signup and view all the answers

    What determines if a transaction is considered relevant and needs to be recorded?

    <p>The amount of money involved</p> Signup and view all the answers

    What is the last step in the IRD process?

    <p>Communicate</p> Signup and view all the answers

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