At Wilson's Wash and Go, business managers ensure that all financial transactions are recorded in chronological order. These transactions are then classified by type. This example specifically involves which two areas of the accounting process?
A) journals and ratios
B) ledgers and financial statements
C) ratios and financial statements
D) journals and ledgers

Question

Quizplus · Accepted Answer

Recording transactions in chronological order refers to the use of journals, where transactions are initially recorded. Classifying these transactions by type is typically done in ledgers, where similar transactions are grouped together. Thus, the process involves journals and ledgers.

At Wilson's Wash and Go, Business Managers Ensure That All