50. The term "posting" as used in accounting means a. recording an accountable event in debit-credit format. b. transferring the debits and credits of journal entries from the journal to the affected accounts in the ledger. c. checking the equality of the monetary totals of debits and credits of accounts in the ledger. d. uploading photographs to the internet.

50. The term "posting" as used in accounting means a. recording an accountable event in debit-credit format. b. transferring the debits and credits of journal entries from the journal to the affected accounts in the ledger. c. checking the equality of the monetary totals of debits and credits of accounts in the ledger. d. uploading photographs to the internet.

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter5: Operating Activities: Purchases And Cash Payments

Section: Chapter Questions

Problem 4.15C

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50. The term "posting" as used in accounting means
a. recording an accountable event in debit-credit format.
b. transferring the debits and credits of journal entries from the journal to the affected accounts in the
ledger.
c. checking the equality of the monetary totals of debits and credits of accounts in the ledger.
d. uploading photographs to the internet.

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Arrange the following steps in the posting process in correct order: a. The amount of the balance of the ledger account is recorded in the Debit Balance or Credit Balance column. b. The amount of the transaction is recorded in the Debit or Credit column of the ledger account. c. The ledger account number is recorded in the Post. Ref. column of the journal. d. The date of the transaction is recorded in the Date column of the ledger account. e. The page number of the journal is recorded in the Post. Ref. column of the ledger account.
Below are the steps in the measurement process of external transactions. Arrange them from first (1) to last (6).__________ a. Post the transaction to the T-accounts in the general ledger.__________ b. Assess whether the impact of the transaction results in a debit or credit to account balances.__________ c. Use source documents to identify accounts affected by an external transaction.__________ d. Analyze the impact of the transaction on the accounting equation.__________ e. Prepare a trial balance.__________ f. Record the transaction using debits and credits.
Posting is the process of a. Analyzing the impact of the transaction on the accounting equation. b. Obtaining information about external transactions from source documents. c. Transferring the debit and credit information from the journal to individual accounts in the general ledger. d. Listing all accounts and their balances at a particular date and showing the equality of total debits and total credits.
am. 63.
The process of transferring the debit and credit information from the journal to individual accounts in the general ledger is called journalizing. Question 4 options: True False
5. Who controls user access and monitors user activity? A. Individual users B. Master Supervisor C. Comptroller D. Master Administrator 6. What account type is considered a liability? A. Fixed Assets B. Accounts Receivable C. Bank D. Accounts Payable 7. Opening balances are entered: A. via the Gear menu B. on the day the expenses were incurred C. on the Chart of Accounts D. as a Journal Entry or directly into the account register
The process of transferring the debits and credits from the journal entries to the accounts is called A. sliding B. transposing C. posting
Which of the following is true about T accounts? Please explain with full explanation. a. The left side of a T account is called the debit side. b. The left side of a T account is called the credit side. c. The right side of a T account is called the debit side. d. Transactions are first recorded in T accounts and then posted to the journal.
The process of posting is the transfer of debits and credits from the O a. T accounts to the journal. Ob. T accounts to the ledger. O c. journal to the ledger. O d. ledger to the journal.
Which of the following types of transactions can be uploaded into QBO using the Receipt action. Select all that apply. Select one or more: a. Credit card receipts b. Bills c. Checks d. Invoices e. Deposits
Identify the items from the following list that are likely to serve as source documents. Item a. Sales receipt b. Liability accounts c. Balance sheet d. Ledger e. Bank statement f. General journal g. Income statement h. Telephone bill i. Credit card receipt Is this a source document?
Which of the following statements is not correct? O A trial balance would help in detecting an error made while transcribing the debit side of a journal entry to the ledger O A journal discloses in one place the complete effects of a transaction O The correct sequence of steps in the recording process is: posting. journalizing, analyzing The chart of accounts is a listing of the accounts and the account numbers which identify their location in the ledger