After Journalizing Adjusting Entries, the Amounts Must Be Posted to the Accounts

question 42

True/False

After journalizing adjusting entries, the amounts must be posted to the accounts in the general ledger.

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Definitions:

Income From Operations

refers to the earnings generated from the normal business activities of a company, excluding any income derived from investments or incidental sources.

Investment Centers

Division within a company that is treated as a separate unit for measuring its financial performance, often responsible for its revenues, expenses, and investments.

Profit Centers

Segments or departments within a company that are responsible for generating revenue and are evaluated on their profitability.

Net Income

The remaining income of a firm after deducting every expense and tax from the gross revenue.