Which of the Following Is True of Posting Entries from a Purchases

question 38

Multiple Choice

Which of the following is true of posting entries from a purchases journal to the general ledger?

• A)The posting references are not mentioned in the subsidiary ledger.
• B)The Accounts Payable balance in the general ledger should be less than the sum of the individual vendor balances in the subsidiary ledger.
• C)The amounts in the Other Accounts DR column are posted individually to the specific accounts.
• D)It is done on a daily basis for all the accounts.

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Definitions:

Calculating GDP

The process of estimating the total monetary value of all finished goods and services produced within a country's borders in a specific time period.

Double Counting

The mistake of counting the same item or transaction more than once when calculating economic indicators, leading to inaccuracies.

Real GDP

Gross Domestic Product adjusted for inflation, providing a more accurate measure of the economic value of goods and services produced over a specific period.

Nominal GDP

The market value of all final goods and services produced within a country in a given period, measured using current prices without adjustment for inflation.