A general ledger should be arranged in the order in which accounts are presented in the financial statements, beginning with the statement of financal position accounts.

Question

Quizplus · Accepted Answer

This is because the statement of financial position, also known as the balance sheet, lists assets, liabilities, and equity in that order. The general ledger should follow the same order to ensure consistency and accuracy in financial reporting.

A General Ledger Should Be Arranged in the Order in Which