Keeping the log of financial information in books of original entries is called__________?
Correct answer: A. Recording
- A. Recording
- B. summarizing
- C. Grouping
- D. Processing
Explanation
Recording means entering financial transactions in the books of original entry, such as the journal. Summarizing and grouping take place later when recorded data is classified and condensed.
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About Accounting Principles
Accounting principles explain the rules used to record, classify and report business transactions. Coverage includes the accounting equation, double-entry system, accrual and cash bases, matching and prudence concepts, consistency, going concern, business entity, and the difference between capital and revenue items.
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