An Accounting Record of the Balances of All Assets, Liabilities

question 122

Multiple Choice

An accounting record of the balances of all assets, liabilities, and equity accounts is called

• A) compound entry.
• B) general journal.
• C) general ledger.
• D) chart of accounts.

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Definitions:

Cash Flows

Cash flows refer to the net amount of cash and cash-equivalents being transferred into and out of a business, indicating its financial health.

Partnership Income

The share of earnings distributed to partners in a partnership business, typically based on the terms of the partnership agreement.

Personal Income

Personal income is the total earnings received by an individual, including wages, investments, and benefits, used to evaluate financial health.

Capital Expenditure

Resources utilized by an organization for the purpose of purchasing, improving, and preserving tangible assets like land, factories, or machinery.