Asked by
Darcie Spencer
on Nov 14, 2024
Verified
A new account is opened for each transaction entered into by a business firm.
New Account
An account that has been recently opened in the financial books of a business or an individual's newly established account with a financial institution.
Transaction
An event or agreement between two or more parties that has a financial impact on the business.
Business Firm
A Business Firm is an organization engaged in commercial, industrial, or professional activities with the aim of generating profits.
- Understand the sequence of recording transactions: from analysis to entry in journals and ledgers.
Verified Answer
DM
Learning Objectives
- Understand the sequence of recording transactions: from analysis to entry in journals and ledgers.