Accounts Are Usually Arranged in the Ledger in Financial Statement

question 15

True/False

Accounts are usually arranged in the ledger in financial statement order, that is, assets first, followed by liabilities, owners' equity, expenses, and revenues.

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Definitions:

Landlocked

A property that has no direct access to a public street or way, typically requiring passage through another property to reach a road.

Appurtenant

Appurtenant refers to something that is attached to another thing, legally or physically, and is considered an inherent part of that thing.

Cooperative

An organization formed by individuals to market new products. Individuals in a cooperative pool their resources together to gain an advantage in the market.

Shareholder

An investor who holds stock in a corporation, and thus is an owner of the corporation.