Financial statements:
A)Are generated from the values of the special journals and subsidiary ledgers
B)Are presented with complete chart of account detail
C)May contain condensed data from the general ledger
D)Show units in inventory and dollar value of those units

Question

Quizplus · Accepted Answer

Financial statements typically contain condensed data from the general ledger, rather than all the detail from special journals and subsidiary ledgers. They do not typically show units in inventory, only the dollar value. While a chart of accounts is necessary to generate financial statements, it is not typically presented in full detail within the statements themselves.

Financial Statements