The Chart of Accounts File Is What Type of File

question 70

Multiple Choice

The chart of accounts file is what type of file?

• A) Open file
• B) Reference file
• C) Transaction file
• D) Program file

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Definitions:

Purchases Journal

A record keeping document where a business records all purchases of merchandise for resale.

Subsidiary Ledger

A detailed ledger containing the details of transactions for a specific account, supplementing the general ledger by providing individual entries.

General Ledger

The comprehensive set of accounts that records all financial transactions of a business.

Horizontal Analysis

A financial analysis technique that compares line items in financial statements over a series of periods to identify trends and growth patterns.