A Record That Contains All Accounts (With Amounts) of a Company

question 154

Multiple Choice

A record that contains all accounts (with amounts) of a company is the:

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

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Definitions:

Permanent Accounts

Accounts that carry their ending balances over to the next accounting period. Examples include assets, liabilities, and equity accounts.

Post-closing Trial Balance

A listing of all active general ledger accounts with their balances after closing entries are made, serving as a check to ensure debits equal credits before beginning a new accounting period.

Income Statement

A report that outlines a company's financial results for a certain period, including income and expenditures, to reveal a net gain or deficit.

Balance Sheet

A report detailing a corporation's assets, liabilities, and the equity of its shareholders at a particular moment.