The record of all accounts and their balances used by a business is called a:
a. ledger (or general ledger).
b. journal.
c. book of original entry.
d. balance column journal.
e. general journal.

B) Journal

Explanation:

journal is the record of the details of all financial transactions of a business. Journal helps to keep records of the accounts the transactions affects.

Journals contains all the recorded financial transaction information about a business. It is also known as a BOOK OF FIRST ENTRY. Journal is a detailed account that records all the financial transactions of a business, to be used for future reconciling of and transfer to other official accounting records. A journal contains the date of a transaction, which accounts were affected, and the amounts of the transaction.

Complete Question:

a. As a sole proprietor, Jeremy would face limited liability.

b. As a sole proprietor, Jeremy would have both ownership and control over the business.

c. As a sole proprietor, Jeremy would have the ability to share risk with shareholders.

d. All of the above would be advantages of setting up his business as a sole proprietorship.

b. As a sole proprietor, Jeremy would have both ownership and control over the business.

Explanation:

A sole proprietorship business is a type of business that is owned by a single person and as such their profits are taxed once as personal income tax. Thus, it is a type of business that is typically owned by an individual or one person and as a result, this single individual is solely responsible for its debts.

Generally, a major advantage of sole proprietorship is that the owner has an absolute control over the business and would be the only one to define how it's shall be run.

Hence, an advantage to Jeremy of setting up his business as a sole proprietorship is that he would have both ownership and control over the business.