In Which Order Are Transactions Listed in the General Journal

question 66

Multiple Choice

In which order are transactions listed in the General Journal?

• A)Alphabetically
• B)Order of importance
• C)Numerically
• D)Chronologically

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Definitions:

Book Depreciation

The methodical distribution of a physical asset's expense across its lifespan for the purposes of accounting and taxation.

Tax Rate

Tax rate refers to the percentage at which an individual or corporation is taxed by the government on their income or profits.

Income Tax Payable

The amount of income tax a company or individual owes to the government but has not yet paid at a specific date, found on the balance sheet.

Pre-Tax Book Income

Earnings of a business before taxes are deducted, as reported in its financial books.