Which of the Following Is the Final Step in the Journalizing

question 12

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:

Adjusting Entry

A journal entry made at the end of an accounting period to allocate revenues and expenses to the period in which they actually occurred.

Prepaid Insurance

Insurance premiums paid in advance for coverage that extends into future accounting periods.

Goniometer

A protractor device that measures range of motion.

Spinal Curve

The natural curvature of the spine viewed from the side, which includes the cervical, thoracic, lumbar, and sacral curvatures.