The General Ledger Is the Basic Storage Unit for Accounting

question 107

True/False

The general ledger is the basic storage unit for accounting data and is used to accumulate
amounts from similar transactions.

---

Definitions:

Life Insurance

A contract between an insurer and an insured individual that promises payment of a death benefit to designated beneficiaries upon the insured's death.

Contracts

Legally binding agreements between two or more parties that are enforceable by law.

Enforceable

Capable of being imposed or upheld by a court of law or other authority.

Minors

Individuals who are under the age of legal adulthood and are therefore subject to certain legal protections and restrictions.