A Record Showing the Activity and the Balances Owed by Each

question 47

Multiple Choice

A record showing the activity and the balances owed by each customer is called the

• A) general ledger.
• B) sales journal.
• C) cash receipts journal.
• D) accounts receivable subsidiary ledger.

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Definitions:

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board that guide companies in preparing financial statements globally.

Cash-Basis Accounting

An accounting method where revenues and expenses are recorded only when cash is received or paid, irrespective of when the transactions occurred.

General Journal

A primary accounting record used to record all types of accounting transactions including both debits and credits.

Ledger

A book or collection of financial accounts.