The General Ledger

question 16

Multiple Choice

The general ledger

• A)is used to record infrequent or non-routine transactions.
• B)simplifies the process of recording large numbers of repetitive transactions.
• C)records all detailed data for any general ledger account that has individual sub-accounts.
• D)contains summary-level data for every account of the organization.

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Definitions:

Insurance Company

A business that provides coverage, in the form of compensation resulting from loss, damages, injury, treatment or hardship in exchange for premium payments.

Fire Damages

The losses or destruction caused to property, goods, or assets as a result of fire.

Coinsurance Clause

A provision in an insurance policy that requires the policyholder to bear a portion of the loss in proportion to the coverage amount, encouraging them to insure the property to its full value.

Fire Damage

The destruction or harm caused to property, structures, or objects by fire.