Transferring entries from journal to ledger account is commonly known as____________?
Correct answer: C. Posting
- A. Recording
- B. Transferring
- C. Posting
- D. Entry making
Explanation
Posting is the process of transferring debit and credit entries from the journal to their respective ledger accounts. Recording is a broader term and does not specifically name this transfer.
Report an error
The more specific you are, the faster it gets fixed. A source beats an opinion.
Prefer email? support@testustad.com
About Accounting Principles
Accounting principles explain the rules used to record, classify and report business transactions. Coverage includes the accounting equation, double-entry system, accrual and cash bases, matching and prudence concepts, consistency, going concern, business entity, and the difference between capital and revenue items.
Practise Accounting Principles
351 free Accounting Principles MCQs from Accounting, each with the correct answer and an explanation. Unlimited attempts, no account needed.
Exams that ask Accounting questions like this
Accounting is on 3 papers prepared for on TestUstad, and all of them draw the same bank, so this question is worth knowing for every one of them.
More Accounting Principles questions
An account records the ___________ in the balance of an item?
If credit side of a bank account is greater than the debit side, it indicates which of the following?
If debit side of a bank account is greater than credit side it indicates which of the following?
Which of the following accounts can be classified as a real account?
Identify the nominal account
Double entry implies that