The Record of All Accounts and Their Balances Used by a Business

question 96

Multiple Choice

The record of all accounts and their balances used by a business is called a:

• A)Journal.
• B)Chart of accounts.
• C)General Journal.
• D)Balance column journal.
• E)Ledger (or General Ledger).

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Definitions:

Opportunity Costs

Missing out on possible rewards from different opportunities when selecting a specific option.

Quota

A governmental limit on the quantity of a product that can be produced or imported within a given timeframe, often to protect domestic industries.

Steel Imports

The act of buying and bringing in steel from foreign countries into one's own country for use in manufacturing and construction.

Steelworkers

Individuals specialized in working with steel in various capacities, including manufacturing and construction, contributing to the production of steel products and infrastructures.