Posting is done for income statement activity; activity related to statement of financial position does not require posting.
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Q2: The trial balance is used to prepare
Q3: Nominal (temporary) accounts are revenue, expense, and
Q5: All liability and equity accounts are increased
Q6: Under International Financial Reporting Standards (IFRS) the
Q7: A ledger is where the company initially
Q7: Under International Financial Reporting Standards (IFRS) the
Q8: In general, debits refer to increases in
Q9: On the income statement, debits are used
Q10: One purpose of a trial balance is
Q13: A general journal chronologically lists transactions and
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