The Question Below Is Based on the Following Illustration of Product

question 19

Multiple Choice

The question below is based on the following illustration of product parts: Which of the following items are components?

• A) Y and Z only
• B) 1, 2, and 3 only
• C) Y, Z, 1, 2, and 3 only
• D) X, Y, Z, 1, 2, and 3

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Definitions:

Ledger

A book or collection of accounts in which account transactions are recorded, categorized by account type, and used to prepare financial statements.

Normal Balances

The typical balance sides (debit or credit) for different types of accounts in accounting, determining how increases or decreases are recorded.

Accumulated Depreciation

Accumulated depreciation represents the total amount of depreciation expense that has been recorded against a fixed asset over its useful life to reflect its loss of value.

Liabilities

Financial obligations or debts that a company owes to external parties, which must be settled over time through the transfer of economic benefits including money, goods, or services.