The Record in Which Transactions Are First Recorded Is The

question 28

Multiple Choice

The record in which transactions are first recorded is the:

• A) Account balance.
• B) Ledger.
• C) Journal.
• D) Trial balance.
• E) Cash account.

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Definitions:

Net Income

The amount of profit left after all operating expenses, taxes, and other costs have been subtracted from total revenue.

Variable Costs

Financial outlays that adjust based on the level of a firm's activity.

Selling Price

The amount a customer pays to purchase a product or service.

Fixed Costs

Fixed costs are business expenses that remain constant regardless of the level of production or sales, such as rent, salaries, and insurance premiums.