A File or Book Which Contains a Record for All

question 54

Multiple Choice

A file or book which contains a record for all accounts used by a company, including the account balance, is called a

• A) chart of accounts
• B) general journal
• C) general ledger
• D) trial balance

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Definitions:

Automatic Perfection

A legal condition in which a security interest in a collateral automatically becomes effective without the need for any further action, under certain conditions, once it attaches.

Principal Debtor

The main individual or entity obligated to repay a debt on which a security may be claimed.

Surety

A person or entity that takes responsibility for another's performance of an obligation, such as the payment of a debt.

Payment

The transfer of money, goods, or services as compensation for an obligation or debt.