The Majority of Businesses Go Through a Discernable Set of Stages

question 56

True/False

The majority of businesses go through a discernable set of stages referred to as the business/industry life cycle.

---

Definitions:

General Ledger

A complete record of all financial transactions over the life of a company, serving as a primary tool for financial reporting.

General Ledger

The primary accounting record of a company or organization in which all transactions are recorded, including assets, liabilities, equity, revenue, and expenses.

Original Entry

The initial recording of a financial transaction in the accounting records or journal.

General Journal

A basic accounting record where all types of transactions are initially recorded before being posted to specific accounts in the general ledger.