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Question
The process of grouping transactions or entries of the same type at one place is known as _____________.
The process of grouping transactions or entries of the same type at one place is known as _____________.
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Solution
The correct option is A Classifying
Classification is a process of grouping the entries of the same type at one place. Like classifying the account of individual parties in to the group of debtors and creditors. Another example of classifying the expense as direct and indirect expense.
Classification is a process of grouping the entries of the same type at one place. Like classifying the account of individual parties in to the group of debtors and creditors. Another example of classifying the expense as direct and indirect expense.
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