The Accounting Process of Transferring a Transaction from the Journal

question 25

Multiple Choice

The accounting process of transferring a transaction from the journal to the ledger is called ________.

• A)journalizing
• B)posting
• C)compounding
• D)sourcing

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Definitions:

GDP

The total value of all ultimate goods and services generated within a country during a designated period is known as the Gross Domestic Product.

GDP Deflator

An economic metric that converts output measured at current prices into constant-price output, making it possible to compare the real value of aggregate production across different periods.

Base Year

A reference year used in economic index calculations, price comparisons, and economic data to account for the effects of inflation.

Unreported Income

Earnings not declared to tax authorities, often to evade taxation; part of the informal or shadow economy.