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Recording of a transaction in journal is called posting.
A
True
B
False
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Correct option is B]
Ledger posting means making entries of the transactions in the ledger books from the journals. Posting is a process of transferring debit and credit aspects of the entries appearing in the journal and other books of original entry to the debit and credit sides of the relevant accounts in the ledger.
Posting means transferring the entries from the Journal to the Ledger accounts. Recording of a transaction in the Journal is termed as Journalising. Thus, when entries are posted or transferred to the respective ledger accounts, this process is termed as posting.
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True or false? The process of recording transactions in a journal is called posting.
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Double-entry bookkeeping system
True or false? The process of recording transactions in a journal is called posting.
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Question:
True or false? The process of recording transactions in a journal is called posting.
The Accounting Equation:
The accounting equation states that assets are equal to the sum of liabilities and equity. This equation is maintained in accounting using a system of debits and credits that are recorded in a journal.
Answer and Explanation:
It is true that the process of recording transactions in a journal is called posting.
A journal entry is developed by noting how two or more accounts are affected and balancing debit entries with credit ones. The posts are summarized by the business when it publishes its financial statements.
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Learn more about this topic:
Journal Entries and Trial Balance in Accounting
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Chapter 3 / Lesson 10
31K
Accounting utilizes journals, which are books documenting all business transactions, and also trial balance, which is a list of all business accounts. Discover what goes into these meticulous ways of keeping records and the significance of journal entries and trial balance to accurate accounting.
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State whether the following statements are ‘True or False’ with reasons.The process of recording a transaction in the Journal is called Posting.
State whether the following statements are ‘True or False’ with reasons.The process of recording a transaction in the Journal is called Posting.
Advertisement Remove all ads MCQ True or False
State whether the following statements are ‘True or False’ with reasons.
The process of recording a transaction in the Journal is called Posting.
OPTIONS
True False Advertisement Remove all ads
SOLUTION
This statement is False.
The process of transferring entries from the journal into appropriate account is called posting, which is a necessary or basic process of accounting to know the balance of each account.
Concept: Posting of Entries from Journal/Subsidiary Books to Ledger
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Chapter 4: Ledger - Exercise Q.4 [Page 115]
Q 2 Q 1 Q 3
APPEARS IN
Balbharati Book-keeping and Accountancy 11th Standard HSC Maharashtra State Board
Chapter 4 Ledger
Exercise Q.4 | Q 2 | Page 115
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