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:

Verbal Agreement

An agreement made through spoken words between parties that is legally binding, although harder to prove than written contracts.

Specific Performance

A legal remedy requiring a party to perform a specific act, often used in breach of contract cases.

Sales Contracts

Legal agreements outlining the terms and conditions of a sale of goods or services, including price, delivery, and warranties.

Breach of Contract

The violation of a contractual obligation by failing to perform one's own promise, by impeding another party's performance, or by inducing another party to breach.