The Most Common Means of Making Entries in the General

question 94

True/False

The most common means of making entries in the general ledger is via the journal voucher.

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Definitions:

Supplies

Materials and items consumed or used in the day-to-day operations of a business but not directly tied to the products manufactured.

Utilities Expense

The cost incurred by a business for basic services such as electricity, water, gas, and sewage during an accounting period.

Owner's Equity

The residual interest in the assets of a business after deducting liabilities, representing the ownership value.

Liabilities

Financial obligations or debts a company owes to external parties or entities.