An Accounting Record into Which the Essential Facts and Figures

question 33

Multiple Choice

An accounting record into which the essential facts and figures in connection with all transactions are first recorded is called the

• A) ledger.
• B) account.
• C) trial balance.
• D) None of these answer choices are correct.

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Definitions:

Break-Even

Break-even is the point at which total revenues equal total costs, resulting in no net profit or loss, indicating the volume of sales needed to cover costs.

Fixed Expense

Fixed expenses are costs that do not change with the level of production or sales volume, such as rent or salaries.

Target Profit

The target profit a business seeks to reach over a defined timeframe.

Unit Sales

The quantity of items or products sold, not taking into account the selling price or revenue generated.