The Process of Transferring Data from the General Journal to the General

question 107

Multiple Choice

The process of transferring data from the general journal to the general ledger is called

• A)Analyzing.
• B)Journalizing.
• C)Recording.
• D)Posting.
• E)Ledgerizing.

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Definitions:

Depreciable Cost

The total cost of a tangible fixed asset minus its estimated salvage value at the end of its useful life.

Revised Annual Depreciation

An updated calculation of depreciation expense for an asset, altering the original depreciation schedule due to changes in estimation of useful life or resale value.

Accumulated Depreciation

The total depreciation for a fixed asset that has been charged to expense since the asset was acquired and made available for use.

Salvage Value

The prognosticated worth of an asset at the close of its operational period.