A Ledger Is

question 45

Multiple Choice

A ledger is:

• A)A record containing all accounts (with amounts) for a business.
• B)A journal in which transactions are first recorded.
• C)A collection of documents that describe transactions and events during the accounting process.
• D)A list of all accounts with their debit balances at a point in time.
• E)A list of all accounts a company uses and includes an identification number assigned to each account.

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Definitions:

Self-control

The capacity to control our feelings, thoughts, and actions when confronted with challenges and spontaneous desires.

Contrast Assumption

The assumption that objects have only one label. Also known as the mutual exclusivity assumption (if a word means one thing, then it cannot mean another).

One Label

The concept of using a single term or classification to describe or identify something, often simplifying complex attributes.

Cognitive Sophistication

The advanced level of cognitive development characterized by complex thinking processes, such as abstract reasoning and problem-solving capabilities.