The general ledger
A) is used to record infrequent or non-routine transactions.
B) simplifies the process of recording large numbers of repetitive transactions.
C) records all detailed data for any general ledger account that has individual sub-accounts.
D) contains summary-level data for every account of the organization.
Answer: D
You might also like to view...
Which of the following is an example of a tangible benefit?
A. Increase in sales B. Positive company image C. Increase in customer satisfaction D. Improved communication skills
Ralph owns a $50,000 nonparticipating whole life policy. Its cash value has accumulated to $15,000, and he has paid a total of $9,500 in premiums. If he surrenders the policy for its cash value, how will it be taxed?
A) Ralph will receive $9,500 tax-free; the $5,500 balance is taxable as income. B) Ralph will receive the $15,000 as taxable income. C) Ralph will receive the $15,000 tax-free. D) Ralph will receive $5,500 tax-free; the $9,500 balance is taxable as income.