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Accounting Principles Quiz

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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?

The involvement of money Signup and view all the answers

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

Identify Signup and view all the answers

What is the General Journal also known as?

Book of Original Entry Signup and view all the answers

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

To record transactions in the General Journal Signup and view all the answers

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

The amount of money involved Signup and view all the answers

What is the last step in the IRD process?

Communicate Signup and view all the answers

Accounting Principles Quiz

Choose a study mode

Podcast

Questions and Answers

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

Where should a transaction be recorded in the IRD process?

What is the last step in the IRD process?

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

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

What is the General Journal also known as?

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

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

What is the last step in the IRD process?

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