Posting Is a Step in the Accounting Cycle That Involves

question 291

True/False

Posting is a step in the accounting cycle that involves transferring information from the journal into the appropriate accounts in a ledger.

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Definitions:

Cash Paid

The total amount of money that has been disbursed or paid out by an individual or organization.

Direct Method

A method of preparing a statement of cash flows that shows operating cash receipts and payments, making it more consistent with the objective of the statement of cash flows.

Cash Collections

The process of gathering all cash received during a period, including sales revenues and other income.

Worksheet

A multiple-column form that may be used in making adjusting entries and in preparing financial statements.