The Ledger That Contains the Financial Statement Accounts of a Business

question 109

Multiple Choice

The ledger that contains the financial statement accounts of a business is the

• A)General Ledger.
• B)General Journal.
• C)Special Journal.
• D)Column balance ledger.
• E)Special Ledger.

---

Definitions:

Compounded Semi-Annually

Interest that is compounded semi-annually is applied to the principal amount twice a year, leading to an increase in the overall amount of interest earned compared to simple interest.

RRSP

Registered Retirement Savings Plan, a tax-deferred account aimed at helping Canadians save for retirement.

Annual Contributions

Payments or deposits made into a financial account or investment plan once every year.

Compounded Monthly

A process where the interest earned on an investment is recalculated every month, incorporating both the initial principal and the accumulated interest.