A List of All Active Accounts and Their Balances at a Particular

question 139

Multiple Choice

A list of all active accounts and their balances at a particular date, which is used to prove the equality of debits and credits, is a

• A)Chart of Accounts.
• B)General Ledger.
• C)Journal.
• D)Trial Balance.

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Definitions:

Double-Declining-Balance

A method of accelerated depreciation which doubles the normal depreciation rate.

Scrap Value

An estimated calculation of what an asset will be worth at the time it is sold, after it is no longer useful.

Sum-Of-The-Years-Digits

An accelerated method of depreciation which totals the digits of an asset's useful life and allocates the cost based on a fraction of those digits.

Scrap Value

The calculated resale value of an asset at the termination of its functional life.