Indicate Whether Each of the Following Statements Is True or False

question 68

Short Answer

Indicate whether each of the following statements is true or false
_____ a) The general journal is often called the book of original entry.
_____ b) Transactions are first recorded in the ledger and then transferred to the journal.
_____ c) The process of making entries into a journal is called posting.
_____ d) The ledger is an example of a source document.
_____ e) The list of a business's account titles and account numbers is called a chart of accounts.

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Definitions:

Goods and Services

Products and activities that fulfill the needs or desires of consumers, with goods being tangible objects and services being intangible activities.

Factors of Production

The inputs used to produce goods and services, typically classified into four main categories: land, labor, capital, and entrepreneurship.

Money

A medium of exchange that facilitates trade, serves as a unit of account, a store of value, and can be in the form of coins, notes, or electronic.

Comparative Advantage

The ability of an individual or country to produce a particular good or service at a lower opportunity cost than others.