A Chart of Accounts Is

question 12

Multiple Choice

A chart of accounts is:

• A) a means of ensuring that the debits equal the credits.
• B) a chronological record of all transactions.
• C) a list of the titles of all accounts in the ledger,together with an appropriate numbering system for the accounts.
• D) a trial balance.

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Definitions:

State Laws

Laws that are enacted and enforced by individual states, as opposed to federal laws that apply to all states in the country.

Police Power

The states’ power to regulate to promote the public health, safety, morals, and welfare.

Strict Scrutiny

The most rigorous standard of judicial review used by courts to assess the constitutionality of laws, requiring a compelling government interest.

Interstate Commerce

Commercial transactions or transportation activities that cross state boundaries, regulated by federal government.