Asked by Ambriel Andrzejewski on May 01, 2024
Verified
The general ledger:
A) is after the trial balance.
B) is the book of final entry.
C) lists the transactions in chronological order.
D) is before the general journal.
General Ledger
A comprehensive set of accounts that provides a complete record of all financial transactions of a business, used to prepare financial statements.
Trial Balance
A report listing all accounts and their balances at a specific time, verifying that total debits equal total credits.
- Become familiar with the aim and steps involved in moving entries from the journal into the ledger.
Verified Answer
AS
ARSHDEEP SINGHMay 03, 2024
Final Answer :
B
Explanation :
The general ledger is considered the book of final entry because it is where journal entries are posted in their respective accounts, summarizing all transactions for each account, making it not a chronological record but a collection of the final balances of all accounts.
Learning Objectives
- Become familiar with the aim and steps involved in moving entries from the journal into the ledger.
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