A Separate Record That Contains Detailed Information Concerning Individual Assets

question 2

Multiple Choice

A separate record that contains detailed information concerning individual assets is known as a(n) :

• A) stock card.
• B) fixed asset register.
• C) special journal.
• D) asset control account.

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Definitions:

Debit Column

Refers to the section in accounting records where decreases in liabilities, or increases in assets and expenses are logged.

Trial Balance

An accounting report that lists the balances of all ledger accounts at a particular point in time to ensure that debits equal credits.

Ledger Balances

The total balances of all accounts in a ledger at a specific point in time, reflecting the cumulative effect of all transactions.

Posting

The process of transferring entries from a journal to the respective accounts in the general ledger.