A company's ledger is:
A)A record containing increases and decreases in a specific asset,liability,equity,revenue,or expense item.
B)A journal in which transactions are first recorded.
C)A collection of documents that describe transactions and events entering the accounting process.
D)A list of all accounts a company uses with an assigned identification number.
E)A record containing all accounts and their balances used by the company.

Question

Quizplus · Accepted Answer

A company's ledger is a record containing all accounts and their balances used by the company. It is used to keep track of financial transactions and to prepare financial statements.

A Company's Ledger Is