Posting

question 194

Multiple Choice

Posting

• A) accumulates the effects of ledger entries and transfers them to the general journal.
• B) is done only for income statement activity; activity related to the statement of financial position does not require posting.
• C) is done only once per year.
• D) is done by posting all the debits and credits of one entry before moving on to the next entry.

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Definitions:

Single Tax

A fiscal system proposing a single tax as the primary or sole source of public revenue, often associated with taxing land value.

Economic Rents

Earnings exceeding the minimum amount necessary to keep a factor of production in its current use, often associated with imperfect competition or unique resources.

Land Ownership

The legal right to possess, use, and manage a piece of land.

Compound Interest

The accumulation of money that builds over time in an investment or interest-bearing account as new interest is earned on previous interest that is not withdrawn.