A __________ is a book in which business transactions are recorded. a. journal b. ledger c. trial balance d. balance sheet

Question

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Answer 1

Textbook Question

Chapter 3, Problem 1QY

A __________ is a book in which business transactions are recorded.

a. journal
b. ledger
c. trial balance
d. balance sheet

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Expert Solution & Answer

To determine

Find the option that indicates the correct term for the given explanation.

Answer to Problem 1QY

Option (a)

Explanation of Solution

Journal: Journal is a book in which economic events that can be measured in monetary terms are recorded chronologically and systematically.

Justification for correct answer: Journal is a book in which business transactions that can be measured in monetary terms are recorded. Hence, option (a) is correct.

Justification for incorrect answers:

Option (b) is incorrect because ledger is a book in which the accounts are summarized and grouped from the transactions recorded in the journal.
Option (c) is incorrect because trial balance is a summary of all the asset, liability, and equity accounts and their balances.
Option (d) is incorrect because balance sheet reports a company’s resources (assets) and claims of creditors (liabilities) and owners (owners’ equity) over those resources.

Conclusion

Therefore, option (a) is correct answer.

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Financial accounting question

2 Question

Answer 2

Textbook Question

Chapter 3, Problem 1QY

A __________ is a book in which business transactions are recorded.

a. journal
b. ledger
c. trial balance
d. balance sheet

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Expert Solution & Answer

To determine

Find the option that indicates the correct term for the given explanation.

Answer to Problem 1QY

Option (a)

Explanation of Solution

Journal: Journal is a book in which economic events that can be measured in monetary terms are recorded chronologically and systematically.

Justification for correct answer: Journal is a book in which business transactions that can be measured in monetary terms are recorded. Hence, option (a) is correct.

Justification for incorrect answers:

Option (b) is incorrect because ledger is a book in which the accounts are summarized and grouped from the transactions recorded in the journal.
Option (c) is incorrect because trial balance is a summary of all the asset, liability, and equity accounts and their balances.
Option (d) is incorrect because balance sheet reports a company’s resources (assets) and claims of creditors (liabilities) and owners (owners’ equity) over those resources.

Conclusion

Therefore, option (a) is correct answer.

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Answer 3

Textbook Question

Chapter 3, Problem 1QY

A __________ is a book in which business transactions are recorded.

a. journal
b. ledger
c. trial balance
d. balance sheet

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Expert Solution & Answer

To determine

Find the option that indicates the correct term for the given explanation.

Answer to Problem 1QY

Option (a)

Explanation of Solution

Journal: Journal is a book in which economic events that can be measured in monetary terms are recorded chronologically and systematically.

Justification for correct answer: Journal is a book in which business transactions that can be measured in monetary terms are recorded. Hence, option (a) is correct.

Justification for incorrect answers:

Option (b) is incorrect because ledger is a book in which the accounts are summarized and grouped from the transactions recorded in the journal.
Option (c) is incorrect because trial balance is a summary of all the asset, liability, and equity accounts and their balances.
Option (d) is incorrect because balance sheet reports a company’s resources (assets) and claims of creditors (liabilities) and owners (owners’ equity) over those resources.

Conclusion

Therefore, option (a) is correct answer.

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Answer 4

Textbook Question

Chapter 3, Problem 1QY

A __________ is a book in which business transactions are recorded.

a. journal
b. ledger
c. trial balance
d. balance sheet

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Expert Solution & Answer

To determine

Find the option that indicates the correct term for the given explanation.

Answer to Problem 1QY

Option (a)

Explanation of Solution

Journal: Journal is a book in which economic events that can be measured in monetary terms are recorded chronologically and systematically.

Justification for correct answer: Journal is a book in which business transactions that can be measured in monetary terms are recorded. Hence, option (a) is correct.

Justification for incorrect answers:

Option (b) is incorrect because ledger is a book in which the accounts are summarized and grouped from the transactions recorded in the journal.
Option (c) is incorrect because trial balance is a summary of all the asset, liability, and equity accounts and their balances.
Option (d) is incorrect because balance sheet reports a company’s resources (assets) and claims of creditors (liabilities) and owners (owners’ equity) over those resources.

Conclusion

Therefore, option (a) is correct answer.

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Answer 5

Textbook Question

Answer 6

Textbook Question

Answer 7

Expert Solution & Answer

To determine

Find the option that indicates the correct term for the given explanation.

Answer to Problem 1QY

Option (a)

Explanation of Solution

Journal: Journal is a book in which economic events that can be measured in monetary terms are recorded chronologically and systematically.

Justification for correct answer: Journal is a book in which business transactions that can be measured in monetary terms are recorded. Hence, option (a) is correct.

Justification for incorrect answers:

Option (b) is incorrect because ledger is a book in which the accounts are summarized and grouped from the transactions recorded in the journal.
Option (c) is incorrect because trial balance is a summary of all the asset, liability, and equity accounts and their balances.
Option (d) is incorrect because balance sheet reports a company’s resources (assets) and claims of creditors (liabilities) and owners (owners’ equity) over those resources.

Conclusion

Therefore, option (a) is correct answer.

Answer 8

Expert Solution & Answer

To determine

Find the option that indicates the correct term for the given explanation.

Answer to Problem 1QY

Option (a)

Explanation of Solution

Journal: Journal is a book in which economic events that can be measured in monetary terms are recorded chronologically and systematically.

Justification for correct answer: Journal is a book in which business transactions that can be measured in monetary terms are recorded. Hence, option (a) is correct.

Justification for incorrect answers:

Option (b) is incorrect because ledger is a book in which the accounts are summarized and grouped from the transactions recorded in the journal.
Option (c) is incorrect because trial balance is a summary of all the asset, liability, and equity accounts and their balances.
Option (d) is incorrect because balance sheet reports a company’s resources (assets) and claims of creditors (liabilities) and owners (owners’ equity) over those resources.

Conclusion

Therefore, option (a) is correct answer.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

To determine

Find the option that indicates the correct term for the given explanation.

Answer 12

Answer to Problem 1QY

Option (a)

Answer 13

Explanation of Solution

Journal: Journal is a book in which economic events that can be measured in monetary terms are recorded chronologically and systematically.

Justification for correct answer: Journal is a book in which business transactions that can be measured in monetary terms are recorded. Hence, option (a) is correct.

Justification for incorrect answers:

Option (b) is incorrect because ledger is a book in which the accounts are summarized and grouped from the transactions recorded in the journal.
Option (c) is incorrect because trial balance is a summary of all the asset, liability, and equity accounts and their balances.
Option (d) is incorrect because balance sheet reports a company’s resources (assets) and claims of creditors (liabilities) and owners (owners’ equity) over those resources.