The ledger:
A) is a grouping of all of the balance sheet accounts.
B) is a grouping of all the T-accounts, with their balances.
C) contains the same information in the same format as the journal.
D) is used only by large corporations.

Question

Quizplus · Accepted Answer

The ledger contains all the T-accounts, which is a visual representation of the journal entries for each account, along with their balances. Option A is incorrect because the ledger also includes the income statement accounts, not just the balance sheet accounts. Option C is incorrect because the ledger includes the account balances, not the original journal entries. Option D is incorrect because the ledger is used by businesses of all sizes, not just large corporations.

The Ledger