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.

---

Definitions:

Adjusting Entry

An accounting entry made at the end of an accounting period to allocate revenue and expenses to the period in which they actually occurred.

Liability Account

A type of financial account which represents a company's legal debts or obligations that arise during the course of business operations.

Expense Account

An account used in accounting to track expenditures related to the operation of a business, including costs for goods, services, and operational activities.

Adjusting Journal Entries

Entries in accounting made during the close of a financial period, aiming to accurately allocate profits and expenditures to their respective periods of occurrence.