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.

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Definitions:

Transfer Rights

The legal ability to transfer one's interest or rights in a piece of property, asset, or contract to another party.

Restrictions

Limitations or conditions imposed by law, regulation, or agreement that control how something can be used or what actions can be taken.

Buy-and-Sell Agreement

A legally binding agreement between co-owners that outlines what happens to a co-owner's share of a business if they leave the business or pass away.

Close Corporation Shareholders

Individuals or entities that hold shares in a closely held corporation, typically characterized by a small number of shareholders and restricted share transferability.