The Book of Original Entry Where Transactions and Other Selected

question 79

Multiple Choice

The book of original entry where transactions and other selected events are first recorded is called the

• A) ledger.
• B) journal.
• C) account.
• D) statement of financial position.

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Definitions:

Deregulation

The process of reducing or eliminating government controls or restrictions on industries to promote efficiency and competition.

Industrial Regulation

Policies and rules implemented by governments to control or manage the activities, standards, and behaviors of industries and their participants.

Net Benefits

The net gain from a decision or action, calculated by subtracting the total costs from the total benefits.

Industrial Regulation

Governmental regulation of industries to ensure competition, protect consumers, and maintain ethical and safe business practices.