________ is the recording phase of Accounting system.

Book keeping

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Ledger posting

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Balancing

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Accounting

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Solution

The correct option is A Book keeping
All financial transactions must be recording in the books of accounts of the business. Recording of transaction is the first steps in the accounting system. If any expense is incurred, this has to be recorded first to initiate the accounting process.

Suggest Corrections

Similar questions

Give journal entries to rectify the following errors assuming that suspense account had been opened.

(a)	Goods distributed as free sample Rs 5,000 were not recorded in the books.
(b)	Goods withdrawn for personal use by the proprietor Rs 2,000 were not recorded in the books.
(c)	Bill receivable received from a debtor Rs 6,000 was not posted to his account.
(d)	Total of Returns inwards book Rs 1,200 was posted to Returns outwards account.
(e)	Discount allowed to Reema Rs 700 on receiving cash from her was recorded in the books as Rs 70.

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