A Balance Sheet That Lists the Assets Above the Liabilities

question 113

Multiple Choice

A balance sheet that lists the assets above the liabilities and owner's equity sections is a(n) ________ balance sheet.

• A) report form
• B) unclassified form
• C) account form
• D) audited form

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Definitions:

General Journal

A primary accounting record used to record all types of transactions, including adjustments, in chronological order.

General Ledger

A comprehensive collection of a company's accounts, including all transactions and balances, used for preparing financial statements.

Special Journal

A type of accounting journal designed for recording a specific kind of transaction in a more efficient and detailed manner.

General Journal

A comprehensive record of all financial transactions of a company, listed in chronological order.