The ________ Is Helpful in Preventing Classification Errors If It

question 130

Multiple Choice

The ________ is helpful in preventing classification errors if it accurately describes which type of transaction should be in each account.

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

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Definitions:

List Price

The published price of a product or service, often suggested by the manufacturer or service provider, before any discounts or negotiations.

Standard Amount

A pre-determined or fixed quantity used as a benchmark, reference, or norm for measurements, production, or financial assessments.

Net Worth

The total value of an individual's or entity's assets minus their liabilities; a measure of financial health.

Speakerphone

A device that enables a telephone to function without the need to hold the handset, incorporating a microphone and loudspeaker for hands-free communication.