Posting, a Part of the Accounting Process, Refers To

question 10

Multiple Choice

Posting, a part of the accounting process, refers to:

• A) copying amounts from the general ledger to the financial statements
• B) copying amounts from the financial statements to the general ledger
• C) copying amounts from the journal to the appropriate accounts in the general ledger
• D) copying amounts from the accounts in the general ledger to the journal

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Definitions:

Income Statement

A financial statement that shows a company's revenues and expenses over a specific period of time, resulting in a net profit or loss.

Ending Inventory

The value of goods that a company has in stock at the end of its fiscal year, calculated as the beginning inventory plus purchases minus the cost of goods sold.

Accounts Payable

A liability to a creditor, carried on an open account, usually for purchases of goods and services.

LIFO Retail Inventory Method

An accounting technique that values inventory on the assumption that the last items placed in inventory are sold first, specifically applied to retail settings.