The Ledger Column Is a Purchases Book Is Used

question 20

Multiple Choice

The Ledger column is a purchases book is used:

• A)to record the amount to be debited to the purchases account.
• B)to record the amount to be credited to the purchase account.
• C)to record items that don't fit under any of the main headings in the book.
• D)to record purchase returns.

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Definitions:

State Statutes

Written laws enacted by a legislative body at the state level.

Sole Proprietorship

A type of business entity that is owned and run by one individual, where there is no legal distinction between the owner and the business.

Benefit Corporation

A type of for-profit corporate entity, recognized by certain US states, that includes positive impact on society, workers, the community, and the environment in addition to profit as its legally defined goals.

Profit

In the context of real property, the right to enter onto another’s property and remove something of value from that property.