Liabilities Are Reported on the

question 73

Multiple Choice

Liabilities are reported on the

• A) income statement
• B) retained earnings statement
• C) statement of cash flows
• D) balance sheet

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Definitions:

General Journal

A chronologically organized accounting record where financial transactions are initially recorded, making it the first point of entry for any transaction in the accounting system.

Sales Journal

A specialized accounting journal used to record all sales transactions of a company, particularly those on credit.

Cash Receipts Journal

A specific type of journal used in accounting to record all cash inflows or receipts during a certain period.

Special Journals

Accounting journals designed for recording a specific type of transaction in a more efficient manner, such as sales or purchases, to simplify the accounting process.