Listed Below Are Two Pieces of Information

question 152

Multiple Choice

Listed below are two pieces of information.Where is the best place to locate this information,in the journal or the ledger?
1) Details of a transaction that took place on October 3.
2) All of the sales activity that took place during the current month.

• A) 1. Journal 2. Journal
• B) 1. Journal 2. Ledger
• C) 1. Ledger 2. Ledger
• D) 1. Ledger 2. Journal
• E) This information is only available on the financial statements.

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Definitions:

Net Capital Outflow

A contrast in the buying of foreign assets by residents of a country and the acquisition of its assets by non-residents.

NCO Curve

A hypothetical graphical representation that could relate to issues in international economics or capital flows, but requires clearer context for an accurate definition.

Capital Flight

The large-scale exodus of financial assets and capital from a nation due to economic or political instability.

Tax Credit

A direct reduction in tax liability, not merely a reduction in taxable income, that decreases the total tax bill directly.