The Balance Column in a Ledger Account Is

question 127

Multiple Choice

The balance column in a ledger account is:

• A) A simple form of account that is widely used in accounting to illustrate the debits and credits required in recording a transaction.
• B) Another name for the withdrawals account.
• C) An account entered on the balance sheet.
• D) An account used to record the transfers of assets from a business to its owner.
• E) A column for showing the balance of the account after each entry is posted.

Identify key organizations promoting high standards in psychological assessment and their roles.

Learn the certification process and importance of forensic health evaluators in the counseling and social work fields.

Understand the ethical and legal considerations in forensic evaluations.

Grasp the necessity of informed consent in test administration.

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Definitions:

Cost Of Goods Sold

The immediate expenses related to manufacturing products sold by a business, which encompass both materials and labor.

Merchandise Inventory

The total value of a company's products that are physically held in stock, awaiting sale to customers.

Accounts Receivable Turnover

A financial ratio that measures how many times a company collects its average accounts receivable within a given period.

Net Accounts Receivable

The amount of money owed by customers for goods or services that is expected to be collectible, after accounting for allowances for doubtful accounts.