The Correct Term for the Process of Transferring Amounts from a Book

question 189

Multiple Choice

The correct term for the process of transferring amounts from a book of original entry to specific assets, liabilities, revenues, expenses, and stockholders' equity items is

• A) Double-entry system
• B) Recording
• C) Credit
• D) Posting

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Definitions:

Duty of Care

A legal obligation imposed on individuals to exercise a reasonable level of care to avoid causing harm to others.

Unusual Bone Disease

A rare or uncommon medical condition affecting the skeletal system, potentially leading to abnormalities or impairments.

Contra Proferentum Rule

A rule of interpretation; ambiguous provisions in a written contract are to be construed against the party that drafted the agreement.

Exclusion of Liability

Clauses in a contractual agreement that seek to limit or eliminate legal responsibility for certain acts or omissions.