A ledger
A) is a group of accounts and their balances.
B) can replace the financial statements.
C) is the same as a chart of accounts.
D) None of these answers are correct.

Question

Quizplus · Accepted Answer

A ledger is a collection of accounts and their corresponding balances. It contains all financial transactions for a specific period and serves as a basis for preparing financial statements. It is different from a chart of accounts, which is a list of accounts used by an organization. It does not replace financial statements as it is a tool used to prepare them.

A Ledger