A General Ledger Should Be Arranged in the Order in Which

question 91

True/False

A general ledger should be arranged in the order in which accounts are presented in the financial statements beginning with the balance sheet accounts.

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Definitions:

Partial Derecognition

The process in accounting where only a portion of a financial asset or liability is removed from the balance sheet.

Receivables

These are amounts owed to a business by its customers for goods or services delivered on credit.

GAAP

Generally Accepted Accounting Principles, a set of accounting rules and standards used in the United States for preparing financial statements.

IFRS

A collection of worldwide accounting rules for financial reporting, known as International Financial Reporting Standards.