Which of the Following Is True

question 50

Multiple Choice

Which of the following is true?

• A) The ledger account form maintains a running balance of the account.
• B) When recording business transactions, it is not important that one use the exact account titles as listed in the chart of accounts.
• C) The process of transferring information from the journal to the ledger is called journalizing.
• D) All of the answers listed are correct.

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Definitions:

Merchandise Trade Balance

The difference in value between a country's imports and exports of goods, excluding services.

Intangibles

Assets that have no physical form but possess value, such as intellectual property or brand reputation.

Financial Assets

Economic resources or investments that are paper or digital, such as stocks, bonds, and bank deposits.

Exchange Rate

The worth of one currency when converted into another.