What is the correct order in which the steps for analysing transactions are carried out?
I Determine which accounts are affected.
Ii Determine if the account type is increasing or decreasing.
Iii Apply the rules of debit and credit.
Iv Determine the account type.

Question

Quizplus · Accepted Answer

The correct order for analyzing transactions starts with determining which accounts are affected (I), then determining the account type (IV), followed by determining if the account type is increasing or decreasing (II), and finally applying the rules of debit and credit (III).

What Is the Correct Order in Which the Steps for Analysing