The General Ledger Accounts Are Usually Arranged in the Following

question 64

Multiple Choice

The general ledger accounts are usually arranged in the following order:

• A)first the temporary accounts, then the permanent accounts.
• B)first the accounts with debit balances, then the accounts with credit balances.
• C)first the accounts used most often, then those used less frequently.
• D)first the balance sheet accounts, then the income statement accounts.

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Definitions:

Delivery Truck

A vehicle used by businesses primarily for transporting goods to customers or between locations.

Gain or Loss

The financial result calculated as the difference between sale proceeds and the original cost of an asset.

Fully Depreciated

An asset's book value is reduced to zero, through depreciation, over its useful life, reflecting that it has no remaining unallocated cost.

Accumulated Depreciation

The total amount of depreciation expense that has been recorded for an asset since it was acquired, reducing its book value.