Which step is NOT part of the transaction analysis process?

The correct choice indicates that "Determine the Economic Impact" is not a part of the transaction analysis process.

In the context of accounting, transaction analysis typically involves a systematic process where financial transactions are examined to assess their effects on the financial statements. The transaction analysis process usually consists of several key steps: identifying affected accounts, recording journal entries, and posting these entries to the general ledger.

Identifying the accounts affected ensures that all related financial elements are taken into account, while recording the journal entry documents the transaction in the accounting records. Subsequently, posting to the general ledger updates the accounts with the new information.

Determining the economic impact, while it might be relevant in a broader financial analysis context, does not constitute a step in the transaction analysis process itself. Instead, transaction analysis is more focused on accurately recording and categorizing the details of the transaction rather than evaluating its wider economic implications.