The Record of All Accounts and Their Balances Used by a Business

question 23

Multiple Choice

The record of all accounts and their balances used by a business is called a:

• A)Journal.
• B)Book of original entry.
• C)General Journal.
• D)Balance column journal.
• E)Ledger.

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Definitions:

Business Relationship

A connection between two or more parties engaged in commercial transactions or activities.

Negotiation

The process of discussing and arriving at a mutual agreement between parties with the intent to reach a settlement or resolve differences.

Concessions

Special rights or privileges granted by an authority or government to a person or group, often in a business context.

Governmental Powers

The authority granted to government bodies to enact laws, administer justice, and implement public policies.