The General Ledger

question 30

Multiple Choice

The general ledger:

• A)lists the customer names.
• B)is the book of final entry.
• C)lists the transactions in chronological order.
• D)is before the general journal.

---

Definitions:

Period Cost

Expenses that are not directly tied to the production process and are instead expensed in the period they are incurred.

Variable Cost

Costs that change in proportion to the level of output or activity, such as materials and labor involved directly in production.

Fixed Cost

Expenses that do not change in proportion to the volume of goods or services a company produces, such as rent, salaries, and insurance premiums.

Product Cost

The total cost associated with making or acquiring a product, including direct materials, direct labor, and overhead.