The General Ledger of a Business

question 102

Multiple Choice

The general ledger of a business:

• A)Is a collection of all accounts used in a company's information system.
• B)Must be kept in a computer file.
• C)Is also called the book of original entry.
• D)Is not affected by a company's size and diversity.
• E)Is one of the four financial statements.

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Definitions:

Persuasively Argued

Effectively presented reasoning or argumentation that convincingly supports a particular position or point of view.

Financial Information

Data regarding the financial status of an entity, including assets, liabilities, revenues, expenses, and equity, among other financial metrics.

Verifiable

The ability to be tested and proven to be true or accurate, often through the provision of evidence or demonstration.

Consistent

Referring to a principle in accounting that requires the same accounting methods to be applied in the financial statements period over period.