The General Ledger Is the Basic Storage Unit for Accounting

question 107

True/False

The general ledger is the basic storage unit for accounting data and is used to accumulate
amounts from similar transactions.

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Definitions:

Net Operating Income

The profit a company generates from its regular business activities, excluding deductions for interest and taxes.

Units

A measurement or quantity of something considered as a standard measure, in business often referring to a single item of a product.

Planning Budget

A budget prepared for a particular level of activity, often used as a benchmark for evaluating actual performance.

Selling

The process of promoting and transferring goods or services to the customer in exchange for payment.