Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

2. Transaction Analysis

Journal Entries: Debits and Credits

Financial Accounting

2. Transaction Analysis

Journal Entries: Debits and Credits

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Multiple Choice

Which of the following best describes a form for recording transactions in chronological order?

Journal

Balance Sheet

Trial Balance

Ledger

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Verified step by step guidance

Understand the purpose of the question: It is asking for the name of the form used to record transactions in chronological order.

Review the definitions of the options provided: A Journal, Balance Sheet, Trial Balance, and Ledger.

Define 'Journal': A Journal is a book or electronic record where transactions are recorded in chronological order as they occur. It is the first step in the accounting process.

Compare the other options: A Balance Sheet summarizes a company's financial position at a specific point in time, a Trial Balance lists all accounts and their balances to check for errors, and a Ledger organizes transactions by account rather than chronological order.

Conclude that the correct answer is 'Journal' because it specifically records transactions in chronological order, unlike the other options.