Podcast
Questions and Answers
What is the primary characteristic of posting transactions?
What is the primary characteristic of posting transactions?
- They are recorded randomly.
- They are recorded sequentially. (correct)
- They are recorded only at the end of the month.
- They are recorded based on importance.
When are transactions entered in the folio?
When are transactions entered in the folio?
- Only at year-end closing.
- At the beginning of each month.
- In the order they are incurred on a given date. (correct)
- After a review period.
Which of the following is NOT true about transaction posting?
Which of the following is NOT true about transaction posting?
- They are recorded in the folio.
- They are dependent on the date they are incurred.
- They can be recorded at any random time. (correct)
- They must be recorded in a specific sequence.
What does 'folio' refer to in the context of posting transactions?
What does 'folio' refer to in the context of posting transactions?
In which order are transactions recorded when posting them?
In which order are transactions recorded when posting them?
Flashcards
Transaction Entry
Transaction Entry
A record of a financial transaction.
Sequential Posting
Sequential Posting
Recording transactions in the order they occur.
Folio
Folio
A document or section where transactions are recorded.
Posting Order
Posting Order
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Incurred
Incurred
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Study Notes
Posting Transactions
- Transaction entries are recorded sequentially in the folio.
- The sequence is determined by the date on which the transactions occur.
- All transactions for a specific date are recorded consecutively in the folio.
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