An analysis of the effects of a transaction on the accounts, usually accompanied by explanation is known as ________.

Recording

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Journalising

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Journal entry

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Posting

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Solution

The correct option is C Journal entry
Analyzing transactions and recording them as journal entries is the first step in the accounting cycle. It begins at the start of an accounting period and continues during the whole period. In other words journal entry is an entry to the journal. Journal is a record that keeps accounting transactions in chronological order, i.e. as they occur.

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