Which step in the process of measuring external transactions involves determining the effect on assets, liabilities, and stockholders' equity?
A) Use source documents to determine accounts affected by the transaction.
B) Prepare a trial balance.
C) Analyze the impact of the transaction on the accounting equation.
D) Post the transaction to the T-account in the general ledger.
Answer: C
If the answers is incorrect or not given, you can answer the above question in the comment box. If the answers is incorrect or not given, you can answer the above question in the comment box.