A List of All Accounts Used by a Company and the Identification

question 204

Multiple Choice

A list of all accounts used by a company and the identification number assigned to each account is called a:

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

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Definitions:

Unrealized Intercompany Profits

Profits that arise from transactions between entities within the same group, not yet realized until sold to an external party.

Tax Rate

The percentage at which an individual or corporation is taxed, which can vary based on income levels, jurisdictions, and types of taxes.

Cash

The most liquid form of financial assets, readily available for transactions.

Consolidated Balance Sheet

A balance sheet that combines the assets, liabilities, and equity of a parent company with those of its subsidiaries, removing intercompany transactions.