The general ledger of a business:
A)Is a collection of all accounts used in a company's information system.
B)Must be kept in a computer file.
C)Is also called the book of original entry.
D)Is not affected by a company's size and diversity.
E)Is one of the four financial statements.

Question

Quizplus · Accepted Answer

The general ledger is a collection of all accounts used in a company's information system, where all financial transactions are recorded. It is an important part of the accounting process and helps to keep track of a company's financial information. It can be maintained manually or in a computer file, but it is not referred to as the book of original entry. The four financial statements are the income statement, balance sheet, statement of cash flows, and statement of changes in equity.

The General Ledger of a Business