The First Step in Posting Involves

question 153

Multiple Choice

The first step in posting involves

• A) entering in the appropriate ledger account the date journal page and debit amount shown in the journal.
• B) writing in the journal the account number to which the debit amount was posted.
• C) writing in the journal the account number to which the credit amount was posted.
• D) entering in the appropriate ledger account the date journal page and credit amount shown in the journal.

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Definitions:

Equivalent Units

A concept used in cost accounting to convert partially completed goods into the equivalent of fully completed units.

First-in

A term often used in inventory management that refers to goods sold or used in the same order as they were bought or produced.

Materials

The unprocessed materials and parts employed in goods manufacturing.

Equivalent Units

A method used in cost accounting to express the amount of work done on incomplete units in terms of fully completed units.