The Item Column in a General Ledger Is Used to Provide

question 78

Short Answer

The Item column in a general ledger is used to provide ____________________ for special entries.

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Definitions:

Interest Rate Swap

A financial derivative contract in which two parties exchange interest rate payments on a specified principal amount.

LIBOR

The London Interbank Offered Rate, an interest rate average calculated from estimates submitted by the leading banks in London and used as a reference for lending rates worldwide.

Notional Principal

The term refers to the principal amount, or face value, upon which interest payments or financial derivatives are calculated, without the need for physical exchange of the principal sum.

T-bond Contract

A futures contract based on Treasury bonds, which are long-term government debt securities with a maturity of more than 10 years.