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) Recording
C) Credit
D) Posting

Question

Quizplus · Accepted Answer

Posting is the process of transferring amounts from a book of original entry (such as a journal or a subsidiary ledger) to specific accounts (assets, liabilities, revenues, expenses, and stockholders' equity) in the general ledger. Double-entry system refers to the fundamental accounting concept that every transaction has two equal and opposite effects, while recording involves capturing the details of a financial transaction in a bookkeeping system. Credit refers to the right side of a T-account, indicating an increase in liabilities, equity, or revenue, or a decrease in assets or expenses.

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