Journalizing Is the Transfer of Information from the General Journal

question 82

True/False

Journalizing is the transfer of information from the general journal to the general ledger.

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Definitions:

Dividends

Payments made to shareholders out of a company's earnings, distributing a portion of the profit to investors as a return on their investment.

Net Income

The company's residual earnings post all expenditures and tax deductions from the gross revenue.

External Transaction

A financial or non-financial exchange between the business and an external party, impacting the financial statements.

Accounting Equation

The foundational principle of double-entry bookkeeping that states assets equal liabilities plus equity.