A company's ledger is:
A)A record containing increases and decreases in a specific asset,liability,equity,revenue,or expense item.
B)A journal in which transactions are first recorded.
C)A collection of documents that describe transactions and events entering the accounting process.
D)A list of all identification numbers used by the company.
E)A record containing all accounts and their balances used by the company.

Question

Quizplus · Accepted Answer

A company's ledger is a record containing all accounts and their balances used by the company. It is a summary of all financial transactions and is used to prepare financial statements. Option A refers to a general ledger account, option B refers to a journal, option C refers to source documents, and option D refers to an identification system used by the company.

A Company's Ledger Is