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:

Operating Activities

Activities related to the primary operations of a company like selling products, providing services, and other activities that generate revenue.

Dividends

Payments made by a corporation to its shareholders, usually derived from the company's profits.

Securities and Exchange Commission

A U.S. government agency responsible for enforcing federal securities laws, regulating the securities industry, and ensuring stock market integrity.

Legal Authority

An entity or institution that has the legally granted power to make decisions, and to enforce laws or rules.