A Company Operating Multiple Retail Units Under Common Ownership and Usually

question 79

Multiple Choice

A company operating multiple retail units under common ownership and usually has centralized decision making for defining and implementing its strategy is called a:

• A) franchise
• B) single-store establishment
• C) retail chain
• D) wholesale-sponsored voluntary cooperative group
• E) full-line discount stores

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Definitions:

Ledger Balances

The total balances of all accounts in a ledger at a specific point in time, reflecting the cumulative effect of all transactions.

Posting

The process of transferring entries from a journal to the respective accounts in the general ledger.

Trial Balance

A financial statement listing each account and its balance, used to verify equality of debits and credits.

Withdrawals Account

An account used in bookkeeping to record amounts drawn out by an owner or partner from a business for personal use.