The ledger that contains the financial statement accounts of a business is the
A) General Ledger
B) General Journal
C) Special Ledger
D) Special Journal
E) Column balance ledger

Question

Quizplus · Accepted Answer

The General Ledger is the ledger that contains the financial statement accounts of a business, such as assets, liabilities, equity, revenue, and expenses. The General Journal is used to record transactions that do not fit into the normal day-to-day business activities, such as adjusting entries or correcting errors. The Special Ledger and Special Journal are specific types of ledgers and journals used in certain industries or for specific purposes, and a Column Balance Ledger is not a commonly recognized accounting term.

The Ledger That Contains the Financial Statement Accounts of a Business