The Recording of a Journal Entry Precedes the Posting to the General

question 33

True/False

The recording of a journal entry precedes the posting to the general ledger.

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Definitions:

Depreciation Adjustments

Modifications made to the depreciation expense recorded for assets, reflecting changes in an asset’s estimated useful life or residual value.

Tax Effects

The impact of tax laws on the financial statements of a company, especially in terms of income tax expense and deferred tax assets and liabilities.

Intragroup Sale

Transactions of goods or services between companies within the same group, which may require elimination adjustments during consolidation.

Dividend Payable

A liability recorded on a company's balance sheet for dividends that have been declared but not yet paid to shareholders.