A Balance Column Ledger Account Is

question 43

Multiple Choice

A balance column ledger account is

• A) An account entered on the balance sheet
• B) An account with debit and credit columns for recording entries and a third column for showing the balance of the account after each entry is posted
• C) Another name for the withdrawals account
• D) An account used to record the transfers of assets from a business to its owner
• E) A simple form of account that is widely used in accounting education to illustrate the debits and credits required in recording a transaction

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Definitions:

Purchase Price

The amount paid to acquire an asset, including all costs directly attributable to bringing the asset to its intended use.

U.S.GAAP

The Generally Accepted Accounting Principles in the United States, a standard framework of guidelines for financial accounting.

Research And Development

The systematic work undertaken by a company to increase the knowledge for developing new products or processes.

Internally Generated Intangibles

Non-physical assets, such as patents, trademarks, and copyrights, that are created within a company rather than acquired.