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What refers to the process of transferring the debit amounts

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Reference no: EM132643097

Question 1. This refers to the process of transferring the debit and credit amounts from journals to ledger accounts.

a. Balancing o?
b. Transferring
c. Posting
d. Closing

Question 2. This refers to the process of entering transactions into the books of original entry.

a. Identifying
b. Classifying
c. Reposting
d. Recording

Question 3. A Journal entry that contains more than just two accounts is called

a. Closing journal entry
b. Adjusting journal entry
c. Erroneous journal entry
d. Compound journal entry

Question 4. This is use to classify and summarize transactions.

a. Ledger
b. Journal
c. Trial Balance
d. Balance Sheet

Question 5. Without the use of a trial balance,

a. Double-entry system will not be applying in accounting
b. There are no other ways to identify whether there are any problems
c. Accounting ratios cannot be calculated
d. Inequality between debit and credit balances cannot be easily found.

Reference no: EM132643097

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