A Person Who Wants to Determine the Balance of a Particular

question 6

Multiple Choice

A person who wants to determine the balance of a particular account should refer to the

• A)ledger.
• B)source document.
• C)chart of accounts.
• D)journal.

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Definitions:

Trust Fund

A fund comprised of assets, such as stocks, bonds, property, or cash, held in a trust and managed by a trustee for the benefit of someone else.

Monthly Payments

Regular amounts paid monthly to amortize a debt or loan over a set period.

Monthly Payment

A fixed amount of money paid each month for a loan or mortgage over a set term.

Loan

Money that is loaned and needs to be paid back, including interest.