A Company's Ledger Is

question 44

Multiple Choice

A company's ledger is:

• A)A record containing increases and decreases in a specific asset,liability,equity,revenue,or expense item.
• B)A journal in which transactions are first recorded.
• C)A collection of documents that describe transactions and events entering the accounting process.
• D)A list of all accounts a company uses with an assigned identification number.
• E)A record containing all accounts and their balances used by the company.

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Definitions:

Reasonably Diligent Holder

A term used in commercial law referring to individuals holding negotiable instruments who take appropriate actions to secure their interests.

Maker

in the context of a negotiable instrument, is the party who created and signed the instrument, promising to pay a certain sum to another.

Primary Party

A principal party involved directly in a legal case or transaction.

Presentment For Payment

The act of formally presenting a financial instrument, such as a check or draft, for payment to the party responsible.