A General Ledger Is an Accounting Journal Designed to Record

question 11

True/False

A general ledger is an accounting journal designed to record one specific type of transaction.

---

Definitions:

Direct Materials

Raw materials that can be directly traced to the manufacturing process of a product and are an integral part of the finished good.

Direct Labor

The cost of workers who can be easily identified with the manufacturing process of a product.

Control

The process of gathering feedback to ensure that a plan is being properly executed or modified as circumstances change.

Budgets

Formal quantitative plans for the financial management of resources over a specified period, often used for controlling and directing resources.