The Ledger Is

question 38

Multiple Choice

The ledger is:

• A)a group of accounts that records data from business transactions.
• B)a tool used to insure that all accounts have normal balances.
• C)a chronological record of the day's transactions.
• D)a tool used to ensure that debits equal credits.

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Definitions:

Absolute Advantage

The ability of a country, individual, company, or region to produce a good or service at a lower cost per unit than competitors.

Barrels

A unit of measure for volume commonly used in the oil industry, equivalent to 42 U.S. gallons.

Shirts

Garments for the upper body, typically with sleeves and a collar, made from various fabrics and used as clothing.

Wine

An alcoholic beverage made from fermented grapes or other fruits.