A summary of the ledger that lists the accounts and their balances, in which the total debit balances should equal the total credit balances, is called a(n)
A) Account balance
B) Trial balance
C) Ledger
D) Chart of account
E) General Journal

Question

Quizplus · Accepted Answer

A summary of the ledger that lists the accounts and their balances, in which the total debit balances should equal the total credit balances, is called a trial balance. Option A, account balance, refers to the balance of a specific account rather than a summary of all accounts. Option C, ledger, refers to the detailed record of all transactions for each account. Option D, chart of accounts, is a list of all accounts used by an organization, and option E, general journal, is a record of all transactions in chronological order.

A Summary of the Ledger That Lists the Accounts and Their