The Standards and Rules in Businesses That Help Someone Decide

question 21

Multiple Choice

The standards and rules in businesses that help someone decide right from wrong are called ________.

• A) corporate governance
• B) laws
• C) ethics
• D) morals

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Definitions:

General Journal

An accounting ledger where all types of transactions are initially recorded before being transferred to specific accounts.

Subsidiary Ledger

A detailed ledger that contains account information relating to specific areas like accounts receivable or payable, supporting the general ledger.

General Ledger

The master set of accounts that aggregates all transactions recorded for a business.

Subsidiary Ledger

A detailed ledger that contains the supporting documents for a specific main account, such as accounts payable or receivable, to keep the general ledger uncluttered.