The General Ledger

question 1

Multiple Choice

The general ledger

• A) summarizes the transactions in journals.
• B) only includes balance sheet accounts.
• C) is posted in total to the general journal.
• D) is the initial place to record depreciation expense.

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Definitions:

State Law

Legal regulations and rules that are enacted and enforced by individual states within a country, differing from federal or national laws.

Obtaining Insurance

The process of acquiring a policy that provides financial protection against losses or damages from various risks.

Proportionate Share

A part or portion of something that is divided among parties based on a specific criterion, often related to ownership or contribution.

Multiple Insurance

The practice of holding more than one insurance policy on the same item or person, often to provide additional coverage in case of loss or damage.