Which of the Following Is the Fifth and Last Step

question 76

Multiple Choice

Which of the following is the fifth and last step in the journalizing and posting process?

• A)posting the accounts to the ledger
• B)identifying each account affected and its type
• C)determining whether the accounting equation is in balance
• D)determining whether each account has increased or decreased

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Definitions:

Specific Performance

An order of the court requiring a breaching party to fulfill the terms of the contract.

Anticipatory Repudiation

Occurs when one party to a contract indicates in advance that they will not fulfill their contractual obligations.

Reformation

A legal remedy that adjusts the terms of a contract to reflect the true intent of the parties when there was a mistake or misrepresentation.

Lawful Instruction

A directive that is in accordance with the law and legal principles, usually given in a professional or contractual relationship.