Which of the following statements is true regarding attributes of the general ledger and the general journal?
A)Both the general ledger and the general journal focus on general accounting concepts and not specific events or occurrences.
B)The general journal displays the balance in a particular account.
C)The general ledger and the general journal are separate and distinct accounting records that are not related or cross-referenced to each other.
D)The general ledger is account driven and the general journal is transaction driven.
E)General ledger accounts are only used in ERP systems.

Question

Quizplus · Accepted Answer

The general ledger is organized by accounts, with each account representing a specific financial item, while the general journal is organized by transactions, with each transaction being recorded individually. Therefore, the general ledger is account driven and the general journal is transaction driven. The other options are not true.

Which of the Following Statements Is True Regarding Attributes of the General