A Summary of the Ledger That Lists the Accounts and Their

question 132

Multiple Choice

A summary of the ledger that lists the accounts and their balances, in which the total debit balances should equal the total credit balances, is called a(n)

• A) Account balance
• B) Trial balance
• C) Ledger
• D) Chart of account
• E) General Journal

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Definitions:

Cash Flows

Cash flows refer to the total amount of money being transferred into and out of a business, especially affecting liquidity.

Primary Sources

Original documents or firsthand accounts used in research that provide direct evidence or firsthand testimony.

Information

A collection of data that is processed to be meaningful or useful.

Carrying Value

The value of an asset as it appears on a balance sheet, equal to the cost of the asset minus accumulated depreciation or amortization.