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

Question

Quizplus · Accepted Answer

The correct order for analyzing transactions starts with identifying the affected accounts, then determining their types (asset, liability, equity, revenue, expense), followed by deciding whether these accounts are increasing or decreasing, and finally applying the rules of debit and credit accordingly.

What Is the Correct Order in Which the Steps for Analysing