The General Ledger

question 74

Multiple Choice

The general ledger

• A)is used to record infrequent or non-routine transactions.
• B)simplifies the process of recoding large numbers of repetitive transactions.
• C)records all detailed data for any general ledger account that has individual sub-accounts.
• D)contains summary-level data for every account of the organization.

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Definitions:

External Locus

The belief that one's successes or failures result from external factors beyond their control, as opposed to internal factors like effort and decision-making.

Fate

A predetermined course of events often considered to be beyond human control.

Sensation Seeking

A personality trait characterized by the search for experiences and feelings that are varied, novel, complex, and intense, and by the readiness to take physical, social, legal, and financial risks for the sake of such experiences.

Decline With Age

Refers to the natural decrease in physical, cognitive, and functional abilities as individuals become older.