The Process of Copying the Information from the Journal to the Trial

question 103

Multiple Choice

The process of copying the information from the journal to the trial balance is:

• A)called posting.
• B)not part of the accounting process.
• C)called journalizing.
• D)used to prepare the financial statements.

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Definitions:

Purchasing Department

A division within a business that is responsible for acquiring goods, services, and materials necessary for the company's operations.

Fixed Factory Overhead Volume Variances

The difference between the budgeted and the actual volume of production, affecting the fixed factory overhead costs.

Inventory Levels

The quantity of goods that a company has in stock at any given time, important for meeting demand without overstocking.

Production

The method of producing products and services by merging work, materials, and technology.