The general ledger contains all the accounts that are reported on the statement of financial position, whereas the general journal contains all the accounts that are reported on the income statement.

Question

Quizplus · Accepted Answer

The statement is incorrect. The general ledger contains all the accounts for a company's financial transactions, while the general journal contains a chronological record of these transactions. Both income statement and statement of financial position accounts can be found in both the general ledger and general journal.

The General Ledger Contains All the Accounts That Are Reported