A Collection of All Accounts and Their Balances Used by a Business

question 74

Multiple Choice

A collection of all accounts and their balances used by a business is called a:

• A) Journal.
• B) Book of original entry.
• C) General Journal.
• D) Balance column journal.
• E) Ledger.

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Definitions:

Net Income

The amount of money a company earns after deducting all its expenses, taxes, and costs from its total revenue.

Cash Flow From Operating Activities

A measure of the cash generated or used by a company in a given period for its core business activities.

Operating Activities

Activities that relate to the primary operations of the company, such as selling products or services.

Dividend Payments

Cash or stock distributions made by a corporation to its shareholders from its earnings.