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Questions and Answers
Which of the following is a key step in accounts ledger posting?
Which of the following is a key step in accounts ledger posting?
- Analyzing financial statements
- Preparing a balance sheet
- Preparing a trial balance
- Recording transactions in a journal (correct)
What is the purpose of accounts ledger posting?
What is the purpose of accounts ledger posting?
- To analyze financial statements
- To prepare a trial balance
- To maintain a record of individual accounts (correct)
- To record transactions in a journal
Which of the following is a common misconception about accounts ledger posting?
Which of the following is a common misconception about accounts ledger posting?
- It is only necessary for large businesses (correct)
- It does not require recording transactions in a journal
- It is the final step in the accounting process
- It is only used for recording expenses
