Which of the following statements concerning the leading ledger are true?
A)It is a type of sub-ledger
B)Global accounting principles are consolidated into it
C)Having a leading ledger is optional
D)All transaction data are posted to it

Question

Which of the following statements concerning the leading ledger are true? 
A)It is a type of sub-ledger
B)Global accounting principles are consolidated into it
C)Having a leading ledger is optional
D)All transaction data are posted to it

Quizplus · Accepted Answer

The leading ledger serves as the primary book of accounts where global accounting principles are consolidated (B), and it records all transaction data, ensuring a comprehensive financial overview (D). It is not a sub-ledger but rather the main ledger in an organization's financial accounting system, and it is essential for maintaining accurate financial records, making its presence not optional but mandatory for proper accounting practices.

Which of the Following Statements Concerning the Leading Ledger Are