A Ledger Is

question 65

Multiple Choice

A ledger is

• A) A book of original entry
• B) A journal in which transactions are first recorded
• C) A book in which a complete record of transactions is recorded and from which transaction amounts are posted to the accounts
• D) A book of final entry
• E) Another name for the bank account

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Definitions:

Income and Loss Sharing

A method of partnership where profits and losses are distributed among partners according to their agreed-upon percentages or capital contributions.

Noncash Assets

Assets that cannot be easily converted into cash, such as real estate, equipment, and intellectual property.

Liquidated

The process of converting assets into cash or paying off liabilities in the process of closing or restructuring a business.

Capital Balances

The amount of money in a company's accounts that represents the capital contributed by the owners or shareholders.