Posting Accounting Transactions Avoids the Necessity of Journalizing Transactions

question 50

True/False

Posting accounting transactions avoids the necessity of journalizing transactions.

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Definitions:

Investment

The allocation of resources, usually financial, into projects, assets, or enterprises, aiming to earn a return over time.

Inventory

The total amount of goods and materials held in stock by a business, industry, or other entity, used in production or sales.

Sole Proprietorship

An unincorporated business firm owned by one person.

Liability

Liability refers to legal financial debts or obligations that arise during the course of business operations, which an entity is responsible for settling.