When You Do Not Change the Default Session Date in a Journal

question 42

Multiple Choice

When you do not change the default session date in a journal transaction -

• A) the transaction will be posted with the session date as the transaction posting date
• B) it does not matter because transactions are always posted with the session date
• C) it does not matter because the session date is always the same as the posting date
• D) you will be reminded to change the date when you try to post the transaction

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Definitions:

Straight-Line Method

A method of calculating depreciation of an asset that evenly spreads the cost over its useful life.

Bond Interest Expense

The cost associated with the interest payments on an issuer's bonds payable.

Straight-Line Method

A method of calculating depreciation of an asset that allocates an equal portion of the asset's cost to each year of its useful life.

Discount on Bonds Payable

The difference when bonds are issued for less than their face value.