The General Ledger Contains All the Accounts That Are Reported

question 186

True/False

The general ledger contains all the accounts that are reported on the statement of financial position, whereas the general journal contains all the accounts that are reported on the income statement.

---

Definitions:

Industrial Safety

The management of all operations and events within an industry, designed to protect employees and assets by minimizing hazards, risks, and accidents.

Economic Systems

The organizational structures societies use to allocate resources, distribute goods and services, and make production decisions.

Mixed-Market Economy

An economic system that combines elements of both capitalism and socialism, featuring a combination of free market principles and government intervention.

Laissez-Faire Economy

An economic system where transactions between private parties are free from government intervention such as regulation, privileges, tariffs, and subsidies.