The First Step in the Accounting Record-Keeping Process Is

Multiple Choice

The first step in the accounting record-keeping process is:

A) recording each transaction in a file or other record in the form of a journal entry.
B) posting the amounts from the journal entries to individual balance sheet and income statement accounts in a general ledger.
C) making adjusting journal entries to the accounts to correct errors and to reflect the financial statement impacts of items that occur because of usage or the passage of time.
D) preparing the income statement for the period from amounts in the income statement accounts.
E) preparing the balance sheet from amounts in the balance sheet accounts.