The Principal Purpose of Posting Is to

question 90

Multiple Choice

The principal purpose of posting is to

• A) enter transactions directly into the ledger.
• B) help identify errors made in the journal.
• C) obtain updated account balances.
• D) help determine if the financial statements are ready to be prepared.

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Definitions:

Resources

Inputs used in the production of goods and services, including labor, capital, land, and technology.

Goods and Services

The tangible and intangible outputs of an economy that satisfy consumer needs and wants.

Product Market

The marketplace where final goods or services are offered to consumers, businesses, and the public.

Factor Market

A marketplace for the services of a factor of production (e.g., labor, capital), where firms buy resources they need to produce goods and services.