When All Similar Transactions Are Grouped Together for a Specified

question 42

Multiple Choice

When all similar transactions are grouped together for a specified time and then processed together as a group, the process is referred to as:

• A)Grouped processing
• B)Batch processing
• C)Bound processing
• D)Unit processing

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Definitions:

Interest Accrued

Interest that has been earned but not yet paid or received, typically recorded as an asset or expense depending on context.

Adjusting Entry

a journal entry made at the end of an accounting period to allocate income and expenditure to the appropriate period for accurate financial reporting.

Interest Receivable

Interest Receivable refers to the interest income that has been earned but not yet received in cash.

Unearned Revenue

Income received by a company for goods or services to be provided in the future; it is recorded as a liability until the service or product is delivered.