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.
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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.
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