The General Journal

question 58

Multiple Choice

The general journal:

• A) is the book of original entry.
• B) is the book of final entry.
• C) contains account balances.
• D) is completed after the closing entries.

---

Definitions:

Geographically

Pertaining to or based upon the natural features, population, industries, etc., of regions or places.

Quick Ratio

A liquidity metric indicating a company’s capacity to meet short-term obligations with its most liquid assets without selling inventory.

Common Size Statements

Financial statements that present all line items as percentages of a common base figure rather than in absolute numbers, facilitating comparison across periods and companies.

Statement of Comprehensive Income

A financial statement that includes all changes in equity not resulting from interactions with shareholders, in addition to traditional net income.