Asked by Bahaa Zkout on Jul 08, 2024
Verified
The general ledger is a chronological listing of each transaction and its effects on the accounting equation.
General Ledger
A comprehensive record of all financial transactions of a company, categorized into accounts.
Accounting Equation
A fundamental principle in accounting that states that assets equal liabilities plus equity (Assets = Liabilities + Equity), serving as the foundation for the balance sheet.
- Recognize the structure and purpose of the general ledger.
Verified Answer
TN
Taylor NelsonJul 08, 2024
Final Answer :
False
Explanation :
The general ledger is a listing of all accounts and their balances, organized by account classification (e.g. assets, liabilities, equity, revenues, expenses), not a chronological listing of each transaction.
Learning Objectives
- Recognize the structure and purpose of the general ledger.