The Accounting Basis That Attempts to Measure Performance in the Period

question 41

Multiple Choice

The accounting basis that attempts to measure performance in the period in which it occurred is the

• A)approval basis.
• B)cash basis.
• C)matching basis.
• D)accrual basis.

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Definitions:

Post. Ref.

A reference column in a journal entry that indicates the ledger account number where the entry appears, aiding in the tracking of transactions.

Posting Process

The act of transferring entries from the journal to the ledger accounts in bookkeeping.

Subsidiary Ledger

A detailed ledger that contains all the transaction details of a specific account, which are then summarized in the general ledger.

Control Account

An account in the general ledger that summarizes the balances of a group of related accounts to keep the general ledger streamlined and manageable.