The Ledger

question 97

Multiple Choice

The ledger:

• A) is a grouping of all of the balance sheet accounts.
• B) is a grouping of all the T-accounts, with their balances.
• C) contains the same information in the same format as the journal.
• D) is used only by large corporations.

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Definitions:

Revoked

The act of officially withdrawing, canceling, or reversing a decision, privilege, or status.

Donor

A person who makes a gift.

Mutual Benefit Bailment

A bailment arrangement where both the bailor and the bailee receive a benefit from the transaction involving personal property.

Reasonable Care

The degree of caution and consideration an individual or organization is expected to exercise in a particular situation to avoid harm to others or their property.