The Accounting Process of Copying a Transaction from the Journal

question 16

Multiple Choice

The accounting process of copying a transaction from the journal to the ledger is called:

• A)posting.
• B)footing.
• C)proofing.
• D)journalising.

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Definitions:

Discounted Note

Refers to a promissory note issued at a price lower than its principal value, to be redeemed at face value at maturity.

Maturity Date

The specified date on which the principal amount of a bond, loan, or other financial instrument is due to be paid in full.

Maturity Value

The amount payable to the investor at the end of a debt instrument's life, including principal and any remaining interest.

Interest

The cost of using borrowed money or the return on invested funds, typically expressed as an annual percentage of the principal.