An accounting record of the balances of all assets, liabilities, and equity accounts is called
A) compound entry.
B) general journal.
C) general ledger.
D) chart of accounts.

Question

Quizplus · Accepted Answer

A general ledger is a complete record of all financial transactions made by a company, organized into accounts for assets, liabilities, and equity. It provides an overview of the financial health of the company and is used to prepare financial statements. A compound entry is a type of journal entry that involves multiple accounts, a general journal is a record of all transactions in chronological order, and a chart of accounts is a list of all accounts used by a company.

An Accounting Record of the Balances of All Assets, Liabilities