ASE-Style Multiple Choice When Chemically Soiled Rags or Paper Towels

question 3

Multiple Choice

ASE-Style Multiple Choice When chemically soiled rags or paper towels are left lying in a pile in the shop, they are prime candidates for ____.

• A)asphyxiation
• B)electrocution
• C)electrical fires
• D)spontaneous combustion

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Definitions:

General Journal

The primary accounting record used to record all types of transactions not assigned to other journals.

Equipment

Tangible property that is used in the operations of a business and has a useful life of more than one year.

Salaries

Payments made to employees for services rendered, typically on a monthly or biweekly basis, constituting an operating expense for companies.

General Journal

A fundamental accounting record where all transactions are initially recorded using debits and credits, before being transferred to specific accounts in the ledger.