A Collection of Related Fields Such as a Person's Name

question 61

Multiple Choice

A collection of related fields such as a person's name, address, and age.

• A) Character
• B) Record
• C) Field
• D) File

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Definitions:

Balance Sheet

An inventory of a company's financial resources, debts, and shareholders' stake, captured at a particular moment.

Income Statement

A financial statement that shows a company's revenues and expenses over a specific period of time, resulting in a net income or loss.

Post-closing Trial Balance

A list of all accounts and their balances after closing entries are made, serving as a check to ensure that debits equal credits.

Permanent Account Balances

The ongoing balances in balance sheet accounts that are carried over from one accounting period to the next.