The correct term for the process of transferring amounts from a book of original entry to specific assets, liabilities, revenues, expenses, and stockholders' equity items is
A)Double-entry system
B)Posting
C)Credit
D)Journalizing

Question

Quizplus · Accepted Answer

Posting is the process of transferring amounts from a book of original entry (such as a journal) to their respective accounts in the ledger (specific assets, liabilities, revenues, expenses, and stockholders' equity items). Double-entry system refers to the accounting method where every transaction has equal and opposite effects on at least two accounts. Credit refers to the right side of an accounting entry or the amount entered on that side. Journalizing is the process of recording a transaction in a journal.

The Correct Term for the Process of Transferring Amounts from a Book