The Informal Listing of the Ledger Accounts and Their Balances

question 44

Multiple Choice

The informal listing of the ledger accounts and their balances in the ledger to aid in proving the equality of debits and credits is the

• A) journal.
• B) ledger.
• C) income statement.
• D) trial balance.

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Definitions:

Revenue Recognition Principle

An accounting principle that determines the specific conditions under which revenue is recognized or accounted for.

Products Manufactured

Refers to the finished goods produced by a company during a specific period, ready for sale or distribution.

Service Revenue

Income earned from the provision of services as opposed to the sale of physical goods.

Cash Received

Money that has been transferred into a company or individual's possession as payment for goods or services.