The Principal Ledger That Contains All the Balance Sheet and Income

question 60

True/False

The principal ledger that contains all the balance sheet and income statement accounts is the general ledger.

---

Definitions:

Second-Hand Dealer

A business or individual that buys and sells used goods.

Security Interest

A legal claim or lien on collateral that has been pledged, usually to secure repayment of a debt.

Clear Title

Ownership that is free of liens, disputes, or legal questions, fully enabling the transfer to another party.

Breach of Condition

A Breach of Condition refers to the failure to meet a condition stated in a contract, which is so fundamental that it allows the other party to terminate the contract and seek compensation for damages.