The ___________________ Is a List of Each Active Account and Its

question 5

Short Answer

The ___________________ is a list of each active account and its debit or credit balance at a specific point in time.

---

Definitions:

Accounting Equation

A fundamental principle in accounting that states assets equal liabilities plus owner's equity.

Equipment

Physical assets used in the operation of a business, such as machinery, computers, and furniture.

Cash

Represents money or its equivalents (such as checks) that a company possesses and can use for transactions.

Withdrawals

Money or assets taken from a business by its owner(s) for personal use, typically reducing the total equity.