The Posting Reference Column on the General Journal

question 56

Multiple Choice

The posting reference column on the general journal:

• A) shows which transactions have been posted to the ledger.
• B) displays to which accounts the transactions have been posted.
• C) allows us to cross reference to the general ledger.
• D) All of the above are correct.

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Definitions:

Tax-Free

Tax-free describes goods, transactions, or income that are not subject to taxation by the government.

Taxed

Subjected to a financial charge or levy by a government on income, goods, or activities.

Progressive Tax

A tax system in which the tax rate increases as the taxable amount increases, resulting in those who have higher incomes being taxed at a higher rate.

Progressive Tax

A taxation system where the tax rate increases as the taxable amount or income increases.