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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Posting:

  1. involves transferring the information in journal entries to the general ledger.
  2. is an optional step in the accounting cycle.
  3. is performed after a trial balance is prepared.
  4. involves transferring information to the trial balance.

To determine

Introduction: Posting is a procedure of transferring entries from the journal into the accounts of the general ledger. It involves the process where if an account in the journal entry is debited, it will be transferred to the general ledger by entering the same amount on the debit side of the respective general ledger. Similarly, if an account in the journal entry is credited, it will be transferred to the general ledger on the credit side of the respective general ledger.

To select-The option if posting involves transferring information in journal entries to the general ledger or posting is an optional step in the accounting cycle or posting is performed after atrial balance is prepared or posting involves transferring information to the trial balance.

Explanation

Explanation for correct answer- Posting is a process where information ineach transaction recorded in the form of an entry in the journal is transferred into the accounts of the general ledger. Thus, Option A is correct.

Explanation for incorrect answer-

Option B- This is incorrect statement because posting is not an optional step in the accounting cycle. It is an important step after recording information in the journal...

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