The Record of All Accounts and Their Balances Used by a Business

question 190

Multiple Choice

The record of all accounts and their balances used by a business is called a:

• A)Journal.
• B)Book of original entry.
• C)General Journal.
• D)Balance column journal.
• E)Ledger (or General Ledger).

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Definitions:

Time Efficiency

Refers to the effective use of time to maximize productivity or achieve a task within the shortest possible duration.

Account Analysis

The process of evaluating the sales potential and profitability of individual customer accounts.

Break-even Volume

The number of units that must be sold to cover all costs, after which point profitability begins.

Prospects Office

The workplace or business location of a potential customer or client who may be interested in purchasing goods or services.