In the general ledger,a separate "account" is maintained for each:
A)Type of asset and liability and for each element of owners' equity.
B)Business transaction.
C)Business day.
D)Journal entry.

Question

Quizplus · Accepted Answer

A separate account is maintained for each type of asset and liability, as well as for each element of owners' equity in the general ledger. This allows for a detailed and organized record of the financial transactions of the business. Maintaining an account for each individual business transaction, business day, or journal entry would not be practical or efficient.

In the General Ledger,a Separate "Account" Is Maintained for Each