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.

Understand the concepts of deferral and accrual in accounting.

Comprehend the role of unearned revenue in adjusting entries.

Grasp the basis of accounting methods: cash and accrual.

Relate the matching principle to the preparation of accurate financial statements.

---

Definitions:

Flashbulb Memory

A vivid and detailed memory of a significant event.

Emotional Event

An occurrence that triggers a strong emotional response, such as joy, sadness, fear, or anger.

Vivid

Producing powerful feelings or strong, clear images in the mind.

Eyewitness Testimonies

Accounts given by individuals who have witnessed an event, often used as evidence in legal proceedings.