Asked by IRINA FEIJOO CALVAO on Jun 09, 2024
Verified
A ledger:
A) includes all company accounts and their related balances.
B) can replace the financial statements.
C) is the same as a chart of accounts.
D) is known as a worksheet.
Ledger
A comprehensive accounting book that keeps track of all financial transactions systematically.
Financial Statements
Documents that outline the financial activities and condition of a business, including the income statement, balance sheet, and cash flow statement.
Company Accounts
Financial records that detail the financial activities and condition of a business.
- Gain insight into the framework and objective of a ledger and its role in representing business transactions.
Verified Answer
MC
Macar ColomaJun 10, 2024
Final Answer :
A
Explanation :
A ledger includes all of a company's accounts and their related balances, serving as a comprehensive collection of all financial transactions over the life of an organization.
Learning Objectives
- Gain insight into the framework and objective of a ledger and its role in representing business transactions.