The Total of the Individual Account Balances in the Accounts

question 14

Multiple Choice

The total of the individual account balances in the accounts receivable master file equals the:

• A) total sales for the period.
• B) balance of the accounts receivable account in the general ledger.
• C) total sales less the total cash received for the period.
• D) balance of the sales account in the general ledger.

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Definitions:

Antitrust Laws

Regulations aimed at promoting competition by preventing monopolies and unfair business practices.

Sherman Act

A foundational U.S. antitrust law aimed at maintaining competition by prohibiting monopolies, cartels, and other forms of restrictive trade practices.

Monopoly Power

The ability of a single firm to control the market price and output of a good or service due to lack of competition.

Alcoa Case

A landmark antitrust case in which the Aluminum Company of America (Alcoa) was found to have monopolized the production and sale of aluminum, violating the Sherman Act.