The Process of Copying from the Journal to the Ledger

question 19

True/False

The process of copying from the journal to the ledger is called posting.

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Definitions:

Taxes

Mandatory financial charges or levies imposed by a government on its citizens to fund public expenditure and services.

Generalized Reciprocity

A form of exchange that involves giving goods or services with the expectation that their value will be reciprocated at an unspecified future time.

Negative Reciprocity

A mode of exchange in which the aim is to get something for as little as possible. Neither fair nor balanced, it may involve hard bargaining, manipulation, outright cheating, or theft.

Redistribution

A mode of exchange in which goods flow into a central place, where they are sorted, counted, and reallocated.