In a Manual Accounting System, the Processing of Accounting Information

question 83

Multiple Choice

In a manual accounting system, the processing of accounting information includes:

• A)Recording in the ledger
• B)Posting to the journal
• C)Closing the necessary ledger accounts
• D)Adjusting the journal

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Definitions:

Computation

The process of performing mathematical calculations or processing data to arrive at a result or conclusion.

Time Value

The concept that money available at the present time is more valuable than the same amount in the future due to its potential earning capacity.

Money

A medium of exchange that facilitates the transfer of goods and services.

Average Accounting Return

A financial ratio indicating the average profitability of investments, calculated as the average annual net income divided by the average book value.