Posting to the General Ledger in a Manual Accounting System

question 74

Multiple Choice

Posting to the general ledger in a manual accounting system is usually performed

• A) when the accountant is in the office.
• B) when the transaction is recorded.
• C) when financial statements are being prepared.
• D) when Canada Revenue Agency performs an audit.

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Definitions:

Limited Liability Company

A legal entity where the owners are protected from personal liability for the debts of the company beyond their initial investment.

Agency

A legal relationship in which one party, known as the agent, is authorized to act on behalf of another, known as the principal, in dealing with third parties.

Legal Entity

An organization or structure that is recognized by law as capable of legal rights and obligations, such as a corporation or partnership.

Aggregate

A total or sum, often used in contexts involving the collection of different items or amounts into a single whole.