Question

"Posting" journal entries is required in order to: Multiple Choice ensure that debits equal credits in the trial balance. provide a chronological record of all economic events affecting the firm. ensure that all accounts are up to date prior to preparing financial statements. reflect the information in journal entries in ledger accounts.

Answer 1

Solution:

1. Reflect the information in Journal entries in Ledger accounts

2. Committee on accounting procedure

3. Accrual accounting

Explanation:

1.

Posting journal entries is required in order to reflect the information in journal entries in ledger accounts but journal entries ensures that debit and credit and recorded in chronological order and up to the date prior to preparing financial statements.

2.

The committee on accounting procedure wast the first private organization that had the responsibility to establish accounting standards in the U.S. This committee was formed by members of the American institute of accountants who tried to regularize and standardize the financial reporting the country. AICPA(American institute of CPA is the world's largest member association representing the accounting profession. The Finanical accounting standard board is a private non profit organization standard setting body whose primary purpose is to establish and improve generally accepted accounting principles. The Accounting principles Board was the former authoritative body of the american institute of certified public accountants.

3.

Adjusting entries are required to properly account for accrual accounting. Generally we do accounts on accrual basis. In this process some adjustments need to be made.