Posting
A) accumulates the effects of ledger entries and transfers them to the general journal.
B) is done only for income statement activity; activity related to the statement of financial position does not require posting.
C) is done only once per year.
D) is done by posting all the debits and credits of one entry before moving on to the next entry.

Question

Quizplus · Accepted Answer

Posting involves transferring the debits and credits from ledger entries to the general journal. It is done for both income statement and statement of financial position activity. Posting is done continuously throughout the accounting period, not just once a year. To ensure accuracy, each entry is posted in its entirety before moving on to the next one.