A List of All Accounts Used by a Company, Including

question 8

Multiple Choice

A list of all accounts used by a company, including the identification number assigned to each account, is called a

• A) ledger
• B) journal
• C) trial balance
• D) chart of accounts
• E) general journal

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Definitions:

Substitute Goods

Products or services that can serve as replacements for each other; demand for one increases when the price of the other rises.

Sales Agreement

A contract between a buyer and a seller specifying the terms and conditions of the sale of goods or services.

Reallocation

The process of distributing or assigning resources, responsibilities, or assets to different tasks, projects, or accounts, often to improve efficiency or meet new objectives.

Liquidated-Damage Clause

A contract provision that specifies a predetermined amount of money that must be paid as damages for failure to perform under the contract.