Asked by Sabrina Mitchell on Jul 29, 2024
Verified
The ledger is:
A) a group of accounts that records results from business transactions.
B) a tool used to ensure that all accounts have normal balances.
C) a chronological record of the day's transactions.
D) a tool used to ensure that debits equal credits.
Business Transactions
Exchanges involving economic consideration between two entities that affect the financial position of a business.
Debits
Entries that are recorded on the left side of a ledger account which increase asset or expense accounts, or decrease liability, equity, or revenue accounts.
- Comprehend the architecture and function of a ledger, and how it mirrors commercial activities.
Verified Answer
ZK
Zybrea KnightAug 03, 2024
Final Answer :
A
Explanation :
The ledger is a collection of accounts that shows the changes made to each account as a result of transactions, and the current balance of each account.
Learning Objectives
- Comprehend the architecture and function of a ledger, and how it mirrors commercial activities.