The process of transferring general journal entry information to the ledger is called:
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 ledger accounts. This is where the debits and credits are recorded for each specific account. Double-entry accounting is the overall system where each transaction has an equal amount of debits and credits, and journalizing is the act of recording a transaction in the general journal. Balancing an account is the process of ensuring that the total debits and credits match in a specific ledger account, and is not directly related to transferring information from the general journal to the ledger. Not requiring the transfer of information from the general journal to the ledger does not make sense, as this is a necessary step in the accounting process.

The Process of Transferring General Journal Entry Information to the Ledger