The Principal Ledger That Contains All the Balance Sheet and Income

question 60

True/False

The principal ledger that contains all the balance sheet and income statement accounts is the general ledger.

---

Definitions:

Public Policy

Principles and standards on which laws are based, aimed at ensuring the community's general welfare and addressing societal issues.

Right of Action

The legal right to sue or pursue a lawsuit to enforce a right or claim damages.

Assignment

The transfer of rights, property, or obligations from one party to another, often seen in contexts like contracts, leases, or financial agreements.

Duties Completed

Refers to responsibilities or tasks that have been successfully fulfilled or accomplished.