Which of the Following Is Not a True Statement About

question 31

Multiple Choice

Which of the following is not a true statement about the daily posting of the sales journal?

• A) There is a debit posting to accounts in the accounts receivable subsidiary ledger.
• B) There is no credit posting.
• C) The reference column in the sales journal is checked when the posting is complete for each entry in the journal.
• D) The invoice number supporting the sales transaction is posted to the reference column in the subsidiary ledger.

Analyze the effects of trade and specialization on an economy's production and consumption possibilities.

Distinguish between absolute and comparative advantage in trade relationships.

Recognize the conditions under which economies or individuals can benefit from trade, even when one party is more efficient in all areas of production.

Identify how opportunity costs shift the production possibilities frontier and influence economic choices.

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Definitions:

Chart of Accounts

A list of all accounts in the general ledger, each identified by a unique number.

Edit Account

The process of modifying the details or settings of an existing account in an accounting or financial system.

Company Center

Likely a feature or section within business or accounting software that provides an overview or management tools for company information and operations.

Temporary Accounts

Accounts in accounting that are closed at the end of the accounting period and include revenues, expenses, and dividends accounts.