The Graham-Leach-Bliley Act Is a Critical Piece of Legislation That

question 2

True/False

The Graham-Leach-Bliley Act is a critical piece of legislation that affects the executive management of publicly traded corporations and public accounting firms. _________________________

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Definitions:

Ledger Accounts

Individual records that summarize all the financial transactions regarding a specific aspect of a business's financial activity, such as sales, accounts payable, or owner's equity.

Trial Balance

A bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit account column totals that are equal, serving as a preliminary step to financial statement preparation.

Chart of Accounts

A systematic list of all account titles and numbers used by a company, organized to support the recording of transactions.

Trial Balance

A bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit account columns to verify that the ledger accounts are correctly balanced.