The Process of Transferring the Debits and Credits from the Journal

question 195

True/False

The process of transferring the debits and credits from the journal entries to the accounts is known as posting.

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Definitions:

Project Accepted

A term describing the status of a project that has passed evaluation stages and has been approved for implementation.

Incurred Costs

Costs that have been realized or expended in the course of business operations.

Actuator

A device that produces mechanical motion in response to an electrical, air, or hydraulic signal.

Pilot Operated

A system or valve controlled indirectly through the use of a smaller, pilot valve rather than directly by mechanical means.