Which of the Following Is the Final Step in the Journalizing

question 123

Multiple Choice

Which of the following is the final 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:

Personal Savings

The portion of an individual's income that is not spent on consumption and is set aside for future use.

Credit Union

A financial institution that is owned and operated by its members, focusing on providing credit at competitive rates as well as other financial services.

Maturity Value

For an interest-bearing note, it is the sum of the face value (principal) and the interest dollars: MV = P + I.

360-Day Year

An accounting assumption that simplifies interest calculations by using a year composed of twelve 30-day months.