BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Journalizing
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Posting
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Recording
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None of these
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Detailed explanation-1: -Posting means transferring the entries from the Journal to the Ledger accounts. Recording of a transaction in the Journal is termed as Journalising. Thus, when entries are posted or transferred to the respective ledger accounts, this process is termed as posting.
Detailed explanation-2: -Recording of transaction in ledger is called as Posting.
Detailed explanation-3: -After the transactions are recorded in the journal, it is then posted in the principal book called as ‘Ledger’. The process of transferring the entries from journal to respective ledger accounts is called ledger posting.
Detailed explanation-4: -A journal is a book where you record each business transaction shown on your supporting documents. You may have to keep separate journals for transactions that occur frequently. A ledger is a book that contains the totals from all of your journals. It is organized into different accounts.
Detailed explanation-5: -Journalizing is the process of recording transactions in a journal as journal entries. Posting is the process of transferring the all the transactions to the ledger.