An Accounting Report That Lists All Assets, Liabilities, and Shareholders

question 32

Multiple Choice

An accounting report that lists all assets, liabilities, and shareholders' equity accounts and their balances at a specific date is called a

• A)trial balance.
• B)general journal.
• C)general ledger.
• D)chart of accounts.

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Definitions:

Quick

The ability to do something or the act of doing something with speed or within a short time frame.

Representativeness Heuristic

A cognitive shortcut that involves judging the probability of an event by comparing it to an existing prototype that already exists in our minds.

Prototype

An original model or first form of something from which later versions are patterned; in cognitive science, it refers to a typical example of a category.

Relevant Information

Data or facts that are pertinent and applicable to the matter at hand or to the decision-making process.