A Business's General Journal Provides a Place for Recording All

question 192

Multiple Choice

A business's general journal provides a place for recording all of the following except:

• A)The transaction date.
• B)The names of the accounts involved.
• C)The amount of each debit and credit.
• D)An explanation of the transaction.
• E)The balance in each account.

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Definitions:

Treasury Bill

Short-term government securities with maturity periods of one year or less, issued at a discount to their face value.

Exchange Rate

The value of one currency for the purpose of conversion to another, used in international trade and investment.

Natural Rate

Refers to the long-term unemployment rate or interest rate that is observed once the effect of short-term cyclical factors has been removed.

Aggregate Demand

The entirety of demand for goods and services in an economic setting, pegged at an established price level and during a defined time.