The Accounting Book or Computer Program Where Each Day's Transactions

question 359

Multiple Choice

The accounting book or computer program where each day's transactions are first recorded is called a

• A) posting workbook.
• B) general ledger.
• C) balance sheet.
• D) journal.

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Definitions:

Interest Expense

An expense incurred from borrowing money, represented as the cost of interest for the borrowed funds.

Market Rate

The current price or interest rate at which securities, commodities, or currencies are traded in a competitive and public market.

Straight-line Method

A method of allocating a fixed asset's cost evenly over its useful life for the purpose of depreciation.

Par Value

The face value of a bond or stock as stated by the issuing company, which may not reflect its market value.