Posting Is Performed by Transferring Information from the

question 49

Multiple Choice

Posting is performed by transferring information from the

• A)source documents to the journal.
• B)ledger to the journal.
• C)source documents to the ledger.
• D)journal to the ledger.

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Definitions:

Limited Life

A feature of certain business entities where the business has a defined end date or event upon which it will dissolve.

Unlimited Liability

A legal obligation where a business owner or partner is personally responsible for all of the debts of the business.

Mutual Agency

A business principle where each partner in a partnership can act on behalf of the partnership, binding it contractually.

Partnership Accounting

The system of accounting that deals with financial transactions and record-keeping for business partnerships.