The Process of Transferring the Data from the Journal to the Ledger

question 210

True/False

The process of transferring the data from the journal to the ledger accounts is called posting.

---

Definitions:

Accounting Profits

The difference between total revenue and explicit costs; essentially the bottom line of a company's income statement.

Perfectly Competitive

A market structure characterized by a large number of small firms, homogenous products, and free entry and exit, where no single firm has market power.

Variable Cost

Expenses that fluctuate with the level of output or business operations, contrasting with fixed costs.

Fixed Cost

Costs that do not change with the level of output produced, such as rent, salaries, and insurance premiums.