What Type of Data Is Found in the General Ledger

question 40

Multiple Choice

What type of data is found in the general ledger master file?

• A)a chronological record of all transactions
• B)the balance of each account in the chart of accounts
• C)budget records for each account in the chart of accounts
• D)subsidiary details supporting a control account

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Definitions:

Seller

A party that offers goods or services for sale to consumers or other businesses.

Tenancy In Common

A form of co-ownership where each owner holds an individual, undivided interest in the property, and there is no right of survivorship.

Community Property

A form of joint property ownership typically between spouses in which assets acquired during marriage are owned equally.

Joint Tenancy

A form of property ownership in which two or more individuals hold equal shares and rights; upon the death of one tenant, their share automatically transfers to the surviving tenant(s).