Asked by Tishera Brooks on Jun 24, 2024
Verified
The usual ordering of accounts in the general ledger is
A) assets, liabilities, shareholders' equity, revenues, and expenses.
B) assets, liabilities, shareholders' equity, expenses, and revenues.
C) liabilities, assets, shareholders' equity, revenues, and expenses.
D) shareholders' equity, assets, liabilities, expenses, and revenues.
General Ledger
A complete record of all financial transactions over the life of an organization, serving as the primary source of information for financial reporting.
Shareholders' Equity
The residual interest in the assets of a company after deducting its liabilities.
Liabilities
Liabilities represent financial obligations or amounts owed by a business to creditors, which can include loans, accounts payable, mortgages, and other debts.
- Understand the role and ordering of various types of accounts in the general ledger.
Verified Answer
Learning Objectives
- Understand the role and ordering of various types of accounts in the general ledger.
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