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:

Income

The financial gain or money received by an individual or entity, typically through wages, investments, or sales.

Economic Organization

The structured and systematic arrangement of economic activities and resource allocations within a society or among participants in the economy.

Private Ownership

The legal possession of property by non-governmental entities or individuals, allowing control over its use and the benefits it generates.

Capitalism

An economic system in which productive resources are owned privately and goods and resources are allocated through market prices.