Regarding the Ledger,which of the Following Statements Is Incorrect

question 158

Multiple Choice

Regarding the ledger,which of the following statements is incorrect?

• A) Both the chart of accounts and the ledger list the account names and numbers of the business.
• B) Companies use the ledger to fulfill the task of showing all of the increases and decreases in each account.
• C) Both the chart of accounts and the ledger provide the balance of each account at a specific point in time.
• D) The ledger provides more detail than the chart of accounts.

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Definitions:

Accounting Period

An Accounting Period is a specific time span for which financial statements are prepared to understand and analyze a company's financial performance.