Which of the following statements is not true as it pertains to the accounting process?
A) The established system for recording transactions and other events as they occur is referred to as double-entry accounting.
B) Events are of two types: (1) external and (2) internal. Accountants record events that affect the financial position of the company.
C) Adjustments are necessary to achieve a proper matching of revenues and expenses to determine net income for the current period and to achieve an accurate statement of the assets and equities existing at the end of the period.
D) Posting is the initial recording of all transactions in chronological order.

Question

Quizplus · Accepted Answer

Posting refers to the process of transferring entries from the journal to the ledger accounts, not the initial recording of transactions. The initial recording of transactions is done in the journal or books of original entry, in chronological order.

Which of the Following Statements Is Not True as It