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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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What is the basic process used in transaction analysis?

To determine

Process of Transaction analysis

The process of transaction analysis involves the selection of transactions which require a recording in the financial books and then the effect of such transactions shall be analysed to know the elements of accounting equation and the effects of each transaction must be recorded for increase or decrease in elements of accounting equation with the result being equalization of Accounting equation.

The process of Transaction analysis.

Explanation

The process involved the following steps in Transaction analysis:

  1. The first step in transaction analysis is to gather the source documents of various transactions taken place. These source documents may be internally or externally generated.
  2. After collecting the source documents, the nature of each transaction need to be determined to know whether such transactions are measured in monetary terms to be recorded in accounting records...

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