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:

Elasticity

A measure of how much the quantity demanded or supplied of a good or service changes in response to a change in its price.

Efficiency Loss

The loss of economic efficiency that can occur when the equilibrium for a good or a service is not achieved or is not achievable.

Demand and Supply

The fundamental concepts of economics that demonstrate how the quantity of goods or services demanded by consumers relates to the quantity supplied by producers at various prices.

Inelastic

Describing a situation where the demand or supply for a product does not significantly change in response to price changes.