The Posting Reference Column of the Journal Provides a Cross-Reference

question 33

Multiple Choice

The Posting Reference column of the journal provides a cross-reference between the

• A) ledger and accounts.
• B) journal and ledger.
• C) ledger and financial statements.
• D) journal and financial statements.

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Definitions:

Promise

An assurance given by one party to another agreeing to do or not do something in the future.

Insolvent

Refers to the condition of an individual or entity that cannot pay its debts when they are due.

Serve Process

The procedure by which a party to a lawsuit gives an appropriate notice of initial legal action to another party (defendant or respondent) in order to exercise jurisdiction over that person.

Admission

The process of being accepted into an organization or institution, or the acknowledgment of a fact or truth.