The Chronological Record in Which Transactions Are Initially Recorded in the Order

question 90

Multiple Choice

The chronological record in which transactions are initially recorded in the order in which they occur is called a:

• A) balance sheet.
• B) chart of accounts.
• C) trial balance.
• D) general journal.

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Definitions:

GAAP

Commonly adhered to accounting rules and standards for financial reporting, known as Generally Accepted Accounting Principles.

Merchandise On Account

Goods that have been purchased but not yet paid for, often resulting in an accounts payable for the buyer.

Sales Allowance

A reduction in the selling price of goods or services, typically granted to customers for various reasons like minor defects or dissatisfaction.

Partial Derecognition

The process in accounting where only a portion of a financial asset or liability is removed from the balance sheet.