A Three Column Form of Account Is So Named Because

question 194

Multiple Choice

A three column form of account is so named because it has columns for

• A) debit credit and account name.
• B) debit credit and reference.
• C) debit credit and balance.
• D) debit credit and date.

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Definitions:

Fair Value

An estimate of the price at which an asset would trade in a fair market.

Price Paid

The total amount of money exchanged for a good or service at the time of purchase or transaction.

Goodwill

An intangible asset that arises when a company acquires another business for more than the fair value of its net assets, capturing items such as brand reputation, customer relationships, and intellectual property.

Financial Reporting

The process of communicating financial information about a company to external parties such as investors, regulators, and creditors.