Question

The process of transferring the debits and credits from the journal entries to the accounts is called a.journalizing b.sliding c.transposing d.posting

Answer 1

Answer:

d. posting

Explanation:

There are various steps to prepare the financial statements. These are as follows:

1. Journalizing: It is a recording of business transaction with a narration in which the one account is debited and the other account is credited. It can be more transactions debited and credit that is depending upon the nature of the transaction.

2. Ledger posting: After recording the journal entries, the next step is to make the number of ledger i.e posting of the amount and the accounts to their respective ledger i.e sales ledger, purchase ledger, etc

3. Trial balance

4. Income statement

5. Statement of owners equity

6. Balance sheet

7. Cash flow statement