Posting Is the Process of Determining the Balance in an Account

question 83

True/False

Posting is the process of determining the balance in an account by subtracting debits and credits.

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Definitions:

Exact Interest

Interest calculated based on a 365-day year or actual number of days in a loan term, providing a precise calculation of interest charges.

Ordinary Interest

Interest calculated on the basis of a 360-day year, commonly used in banking and bond markets.

Ordinary Interest

Interest calculated based on a 360-day year, often used in banking for loans and savings accounts.

Exact Interest

Interest calculated based on a 365-day year, providing a precise interest calculation.