The Usual Ordering of Accounts in the General Ledger Is

question 140

Multiple Choice

The usual ordering of accounts in the general ledger is

• A)assets, liabilities, stockholders' equity, revenues, and expenses.
• B)assets, liabilities, stockholders' equity, expenses, and revenues.
• C)liabilities, assets, stockholders' equity, revenues, and expenses.
• D)stockholders' equity, assets, liabilities, expenses, and revenues.

---

Definitions:

Estimated Rate

An approximation used to calculate various financial metrics, often used when the exact value is unknown.

Gross Profit

The earnings a company retains after subtracting the expenses related to the production and sale of its goods or the delivery of its services.

Inventory Cost

Inventory cost refers to the total cost associated with acquiring, storing, and managing a company's inventory, including purchase costs, carrying costs, and any spoilage or shrinkage.

Physical Inventory

An actual count of all merchandise or stock on hand at a specific time.