The record of all accounts and their balances used by a business is called a:
A)Journal.
B)Book of original entry.
C)General Journal.
D)Balance column journal.
E)Ledger.

Question

Quizplus · Accepted Answer

A ledger is the record of all accounts and their balances used by a business. Journals (A, B, C) are used to record individual transactions, but the ledger is where the balances of those transactions are summarized and kept track of. Balance column journals (D) are a specific type of journal that has columns for debits and credits, but it is not the same as a ledger.

The Record of All Accounts and Their Balances Used by a Business