The Term for the Process of Recording Accounting Transactions in the General

question 8

Multiple Choice

The term for the process of recording accounting transactions in the general journal is:

• A) analyzing.
• B) journalizing.
• C) posting.
• D) classifying.

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Definitions:

Interest Rate

This is a fee, calculated as a percentage, that lenders charge borrowers for the use of their money or that borrowers earn on deposits.

Interest Payments

Payments made to lenders as compensation for the use of borrowed money, typically calculated as a percentage of the principal amount.

Interest Rates

The cost of borrowing money or the return on investment capital, expressed as a percentage of the money borrowed or invested.

Loan

A borrowed sum of money that is expected to be paid back with interest.