The process of transferring general journal information to the ledger is:
A) Double-entry accounting.
B) Posting.
C) Balancing an account.
D) Journalizing.
E) Not required unless debits do not equal credits.

Question

Quizplus · Accepted Answer

Posting is the process of transferring information from the general journal to the appropriate accounts in the ledger. Double-entry accounting is the overall concept of recording equal debits and credits for each transaction. Balancing an account is the process of determining if debits and credits are equal in a specific account. Journalizing is the process of recording transactions in the general journal. Not all transactions require journalizing or posting, but if they do, posting is necessary to maintain accurate accounting records.

The Process of Transferring General Journal Information to the Ledger