The Last Step in the Journalizing Process Is To

question 103

Multiple Choice

The last step in the journalizing process is to:

• A)enter the transaction to the journal.
• B)post the transaction to the ledger.
• C)determine the accounts involved in the transaction.
• D)identify the transaction and its data.

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Definitions:

Service Company

A business that provides intangible products or services to customers, as opposed to selling physical goods.

Flexible Budget

An elastic budget that varies according to fluctuations in volume or operational activities.

Revenue

The total income generated by the sale of goods or services before any expenses are deducted.

Shipping Container

A large container designed for transport and storage of goods by various modes of transportation, including ship, rail, and truck.