Which of the Following Is Not an Essential Part of the Accounting

question 182

Multiple Choice

Which of the following is not an essential part of the accounting records?

• A) the journal
• B) the ledger
• C) the chart of accounts
• D) the end-of-period spreadsheet

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Definitions:

Book Value

The value of an asset according to its balance sheet account balance, representing the cost of the asset minus accumulated depreciation.

Market Value

The current value at which an asset or company can be bought or sold on the open market.

Financial Position

A company's monetary resources and obligations at a given point in time, reflected in its balance sheet.

Net Working Capital

The gap between a firm's existing assets and its immediate liabilities, showing the company's short-term financial stability.