The Process of Transferring Journal Entry Information from the Journal

question 92

Multiple Choice

The process of transferring journal entry information from the journal to the ledger is called

• A)journalizing.
• B)posting.
• C)footing.
• D)analzying.

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Definitions:

APR

Annual Percentage Rate (APR) is a measure that depicts the actual yearly cost of funds over the term of a loan or the return on an investment, including any fees or additional costs associated with the transaction.

Effective Annual Rate

The interest rate that reflects the compounding effects within a year, providing a true reflection of the return on investment.

Quoted Rates

The interest rates that lenders advertise or offer to potential borrowers for specific loan products.

Life Insurance Policy

A contract between an insurer and a policyholder where the insurer pays a designated beneficiary a sum of money upon the death of the insured person.