Multiple Choice
A fixed, annual rate of pay that doesn't change by working more or fewer hours is called:
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1. Introduction to Accounting
Types of Accounting
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Which of the following terms refers to a list of accounts used by a business?
A
General Journal
B
Chart of Accounts
C
Trial Balance
D
Balance Sheet
Verified step by step guidance1
Understand the definitions of the terms provided in the question: General Journal, Chart of Accounts, Trial Balance, and Balance Sheet.
The General Journal is a chronological record of all transactions made by a business, including debits and credits.
The Chart of Accounts is a structured list of all accounts used by a business to record transactions, categorized into assets, liabilities, equity, revenues, and expenses.
The Trial Balance is a report that lists all accounts and their balances at a specific point in time, used to check the accuracy of bookkeeping.
The Balance Sheet is a financial statement that shows a company's financial position, including assets, liabilities, and equity, at a specific point in time.
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