The Most Flexible Type of Journal That Can Be Used

question 25

Multiple Choice

The most flexible type of journal that can be used to record any kind of transaction is called a

• A) Ledger
• B) Trial balance
• C) Chart of accounts
• D) General Journal
• E) Balance column account

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Definitions:

Common Stock

A type of equity security that represents ownership shares in a corporation, providing voting rights and entitling the holder to a share of the company’s success through dividends and/or capital appreciation.

Treasury Stock

Shares that were once part of the outstanding shares and were bought back by the company.

Preferred Stock

A class of ownership in a corporation with a priority claim on assets and earnings before common stock.

Common Stock

A form of corporate equity ownership, a type of security representing an ownership stake in a corporation.