A Chronological Record of Financial Transactions Expressed as Debits and Credits

question 3

Multiple Choice

A chronological record of financial transactions expressed as debits and credits to accounts is provided by the

• A) ledger.
• B) journal.
• C) balance sheet.
• D) trial balance.

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Definitions:

Investing Activities

Transactions involving the purchase and sale of long-term assets and investments.

Accounts Payable

Money owed by a business to its suppliers shown as a liability on a company's balance sheet.

Inventory

The total amount of goods and materials held by a company for the purpose of resale or production.

Depreciation Expenses

The allocated cost of an asset over its useful life, reflecting wear and tear, deterioration, or obsolescence.