The Process of Summarizing Data Included on Multiple Worksheets on One

question 17

Multiple Choice

The process of summarizing data included on multiple worksheets on one worksheet like the one shown in the acsampanying figure is called ____.

• A) summarization
• B) sansolidation
• C) encapsulation
• D) recapitulation

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Definitions:

General Journal

A primary accounting record used for recording all types of transactions and events, ensuring every financial activity is documented.

Special Journal

A financial journal designed for recording a specific type of transaction in a more efficient manner.

Accrual Basis

An accounting method where revenues and expenses are recorded when they are earned or incurred, regardless of when the cash transaction occurs.

Cash Basis

An accounting method where revenues and expenses are recorded only when cash is received or paid out, regardless of when the transactions occurred.