(Points : 1)
Journalizing is done to the general ledger, although posting is done to individual ledgers.
Journalizing is done in the journal, although posting is done to individual ledgers.
Both processes require that you maintain a running balance of each individual account.
According to GAAP, all posting to the general ledger must be done by the end of the fiscal year, and journalizing is done monthly.
This question was asked on May 08, 2011.
Recently Asked Questions
- Identify and explain the two fundamental approaches to requirements elicitation. Include reference please
- Explain why non-functional requirements may be more important than functional requirements. Provide an example. Why is the process of eliciting requirements
- Why is Requirements Elicitation a critical part of the software engineering process? Include reference please