A collection of all accounts and their balances used by a business is called a:
A) Journal.
B) Book of original entry.
C) General Journal.
D) Balance column journal.
E) Ledger.

Question

Quizplus · Accepted Answer

A collection of all accounts and their balances used by a business is known as a ledger. A journal is a record of all accounting transactions. Book of original entry is the first place where all financial transactions are recorded. The general journal is used to record transactions that cannot be recorded in any other specialized journal like Cash Journal, Sales Journal etc. Balance column journal is a type of journal that has separate columns for debit and credit amounts.

A Collection of All Accounts and Their Balances Used by a Business