The Most Flexible Type of Journal That Can Be Used

question 25

Multiple Choice

The most flexible type of journal that can be used to record any kind of transaction is called a

• A) Ledger
• B) Trial balance
• C) Chart of accounts
• D) General Journal
• E) Balance column account

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Definitions:

DSO

DSO (Days Sales Outstanding) is a financial metric that calculates the average number of days it takes for a company to collect payments after a sale has been made.

Aging Schedule

An accounting table that shows the breakdown of receivables by age, helping manage and collect debts.

Sales Fluctuate

Variations or changes in sales volume over a specified period due to factors such as market demand, seasonality, or economic conditions.

Inventory Management

The practice of ordering, storing, using, and selling a company's inventory, including the management of raw materials, components, and finished products.