Jargon Is Useful When Everyone Has a Common Understanding of the Terms

question 33

True/False

Jargon is useful when everyone has a common understanding of the terms at hand.

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Definitions:

General Ledger

The primary accounting record of a company or organization in which all transactions are recorded, including assets, liabilities, equity, revenue, and expenses.

Original Entry

The initial recording of a financial transaction in the accounting records or journal.

General Journal

A basic accounting record where all types of transactions are initially recorded before being posted to specific accounts in the general ledger.

General Ledger

A complete record of all financial transactions over the life of a company.