An Internal Document That Helps Summarize Data for the Preparation

question 9

Multiple Choice

An internal document that helps summarize data for the preparation of financial statements is called a ________.

• A) journal
• B) ledger
• C) worksheet
• D) chart of accounts

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Definitions:

Agent

An individual or entity authorized to act on behalf of another, often in a business or legal context.

Goods-In

Refers to incoming goods; a term used in inventory management to describe goods that have been received but not yet processed.

Bailment

The legal relationship arising when physical possession, but not ownership, of personal property is transferred from one person to another under agreement.

Storage

The action or method of storing goods or information for future use.