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:

Specified Means

A clearly defined method or procedure outlined for achieving a given end or goal.

Mailbox Rule

A legal principle that considers a contract offer accepted once the acceptance letter is dispatched, not when it is received by the offeror.

Effective Revocation

The successful cancellation or withdrawal of a legal right, offer, or agreement, communicated in a manner recognized by law.

Option Contract

A contract that gives the holder the right, but not the obligation, to buy or sell an underlying asset at a specified price on or before a specified date.